Senate Bill 25-114, titled "Repeal of the FLEX Program," was introduced during the 2025 Regular Session of the Colorado General Assembly. The bill aims to repeal the Financial Literacy and Exchange (FLEX) program, which was established in 2022 to assist households participating in the state housing voucher program by providing escrow-like savings accounts, financial mentoring, life skills training, and asset management services. Despite its establishment, no households have enrolled in the FLEX program due to the inability of account administrators to provide necessary case management and additional services without compensation.
Key Details:
Purpose: The bill seeks to transfer all unexpended and unencumbered funds from the FLEX Fund to the General Fund on June 30, 2025, and to repeal the FLEX program effective July 1, 2025.
Legislative Process: The bill was introduced and referred to the Appropriations Committee. It was subsequently referred to the Committee of the Whole and placed on the consent calendar. The committee passed the bill with a unanimous vote.
Effective Date: The bill does not include a safety clause, meaning it will take effect on August 6, 2025, assuming the General Assembly adjourns sine die on May 7, 2025.
Summary
Joint Budget Committee. In 2022, the general assembly created
the financial literacy and exchange (FLEX) program. The FLEX program allows households participating in the state housing voucher program to open an escrow-like savings account. FLEX account holders receive a $200 monthly match and access to services such as financial mentoring, life skills training, and asset management. No households have been enrolled in the FLEX program due to the FLEX account administrators' inability to provide case management and other additional services without compensation. The bill transfers all the unexpended and unencumbered money in the FLEX fund to the general fund on June 30, 2025, and repeals the FLEX program on July 1, 2025.
