of the individual. (B) If a trust is created or organized, the written governing instrument creating the trust contains the following requirements: (i) The trust is created on behalf of the individuals, and the trustee is a State, local, or Federal Government, a 501(c)(3) nonprofit organization, a school district, or a college or university. (ii) The assets of the trust will be invested in accordance with the direction of the trustee. (iii) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (iv) Any amount in the trust that is attributable to a seed deposit, matched deposit, or other children’s savings account program incentive may be paid or distributed from the trust only for the purpose of paying qualified expenses of the individual. (3) Qualified expenses The term qualified expenses means, with respect to an individual, expenses that are— (A) incurred after the individual receives a secondary school diploma or its recognized equivalent, and (B) for— (i) postsecondary educational expenses (as defined in section 529 of the Internal Revenue Code of 1986) of the individual, (ii) the purchase of a first home by the individual, or (iii) the capitalization of a business owned by the individual. I Amendments to the Social Security Act 101. Interest in, and distribution from children’s savings accounts required to be disregarded under the TANF program (a) In general Section 408(a) of the Social Security Act ( 42 U.S.C. 608(a) ) is amended by adding at the end the following: (13) Requirement to disregard value of children’s savings accounts A State to which a grant is made under section 403 shall disregard the value of funds in any children’s savings account (as defined in section 2 of the CSA OPPORTUNITY Act), including accrued interest or other earnings thereon, in determining the eligibility of, and the amount or type of assistance to be provided to an individual or family under the State program funded under this part. . (b) Penalty for