Authorizes competitive grants for the establishment of HOPE Accounts Pilot Projects and HOPE Action Plans Pilot Projects.
Aims to assist individuals from target populations, particularly those living in poverty or food insecurity.
Defines target populations as individuals earning below 200% of the Federal poverty line, experiencing food insecurity, or receiving government assistance.
Grants will be available for fiscal years 2025 through 2030, with amounts ranging from $250,000 to $3,000,000.
HOPE Accounts Pilot Projects will allow individuals to establish accounts for direct paycheck deposits, matched savings, and access to job training and benefits.
HOPE Action Plans Pilot Projects will involve partnerships with government and nonprofit organizations to create personalized plans for economic opportunity.
Emphasizes the use of technology to simplify access to benefits and services for low-income individuals.
Requires annual reports to Congress on the effectiveness of the pilot projects and contracts.
Ensures that pilot projects do not decrease existing government assistance or complicate access to benefits.
Allocates specific funding for persistent poverty counties, ensuring targeted assistance in areas with long-term poverty issues.
Encourages collaboration among various government departments and agencies to provide technical assistance and resources for the pilot projects.
