Helping More Families Save Act

Key Points

• Creates a new test program to help some families using housing help save money as their earnings go up.
• Housing agencies and some private owners could be picked (up to 25 total) to set up escrow savings accounts for up to 5,000 families.
• When a family’s income rises and their rent goes up, the rent increase amount would be put into an interest-paying escrow account instead of being “lost.”
• Families generally can take the money after they stop getting welfare help and after 5 years (or sooner for approved goals like training, or if they leave housing help).
• Families can opt out at any time, and their housing help can’t be delayed, denied, or ended for joining or refusing the pilot.