In a bipartisan move to support children in foster care, Gov. Jared Polis announced on July 23 that Colorado will adopt Fostering the Future Accounts (FFA). The federal initiative will allow state-run child welfare agencies to open tax-advantaged savings and investment accounts for eligible youth.
“Colorado opted into FFA so kids in foster care can start saving for their future, just like any other kid,” Colorado Press Secretary Eric Maruyama told The Sopris Sun.
FFA is a specialized version of Section 530A Accounts. Branded a “Trump Account,” Section 530A allows parents or legal guardians to open government-supported savings accounts for their children. For FFA, state child welfare agencies will serve as the temporary responsible party.
Historically, 530A has been criticized by the Tax Law Center for being narrowly defined, convoluted and for excluding vulnerable children, like foster youth. Amid public commentary, Melania Trump announced the inclusion of FFA ahead of launching Section 530A on July 4.
Starting at age 18, youth exiting foster care are to gain control of the funds, which can be used penalty-free for qualifying purposes, such as higher education, first-home purchases, small-business start-ups or reinvestment.
“These accounts are invested and grow over time, so young Coloradans can use them for major milestones down the road,” Maruyama said.
Foster youth must be under 18 years old and have a valid U.S. Social Security number. Some children will receive federal and philanthropic support, including a $1,000 seed contribution from the U.S. Department of Treasury for children born between 2025 and 2028. Private partners, such as the Michael & Susan Dell Foundation, have pledged a $250 contribution for children under age 10. Families, employers, businesses and private donors can add up to $5,000 annually.
The initiative excludes immigrant children and those living in informal arrangements, such as with a grandparent. It also relies on philanthropic donors and networks that foster youth may not be able to access.
“Colorado should take advantage of every available dollar to help foster youth save for college, a first home and a successful future,” Polis said in a press release.
Considering FFA is the first initiative that directly targets long-term financial stability for foster children, the state is still addressing administrative requirements to implement the program.
“The State is committed to a thorough and transparent rollout process,” Maruyama said. “[We] will provide detailed information and guidance to foster families and partners as soon as firm plans are established for program implementation in Colorado.”
One such partner awaiting the rollout is Colorado’s largest foster care agency, Hope & Home. Licensed by the state of Colorado, Hope & Home recruits and certifies foster and kinship families. To date, the nonprofit has certified over 1,500 Colorado families. Seeing the wide breadth of needs for foster youth, the organization notes FFA’s benefits.
“As a whole, the advantage is largely helping empower kids who have experienced really difficult situations,” Hope & Home Director of Marketing and Programs Jenna Opperman said. “[This will help them] have autonomy and a real forward look at their life and who they can be and what their dreams can be.”
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According to the Colorado Department of Human Services, Colorado has nearly 3,700 youth living in foster care. Of those, 2,576 are with a certified foster or kinship family. Garfield County has roughly 20 youth receiving out-of-home care, but certified homes fluctuate between 10 and 20 annually.
“The need for foster care happens instantly,” Opperman said.
For nearly eight years, Hope & Home has been recruiting certifiable families in rural communities, and now has a new office in Glenwood Springs. In 2025, the nonprofit formalized a partnership with Garfield County to help streamline the licensing process, but the latter still represents the children and determines if they need to be removed from a dangerous living situation.
“We have this great team of licensing specialists that walk families through that process,” Opperman said. “If that helps kids stay in their local communities, that’s for the betterment of the kids, the community and Colorado.”
She noted that families who can welcome teenagers and Spanish-speaking children are especially needed.
“Foster families are so amazing in general,” Opperman concluded. “There are kids who desperately need somewhere to go in the local communities. We want to make sure there are homes waiting for kids and not kids waiting for homes.”
To learn more about foster care home certification, visit hopeandhome.org