Helping More Families Save Act

The Helping More Families Save Act would create a pilot program to improve the Family Self-Sufficiency (FSS) program administered by the Department of Housing and Urban Development (HUD). The bill would establish escrow accounts for up to 5,000 low-income families who receive federal housing assistance, allowing them to accumulate savings from increases in their earned income. Currently, when families in housing assistance programs earn more money, their rent typically increases. This bill would instead place that additional rent amount into interest-bearing escrow accounts that families could access after five years or earlier if they use the funds to advance self-sufficiency goals.

The pilot program would operate through up to 25 eligible entities, including public housing agencies and private owners of rental properties, located across various states in both urban and rural areas. The bill would remove some enrollment barriers by allowing automatic enrollment and not requiring families to complete standard participation contracts. Families would receive at least two weeks' notice before enrollment and could opt out of the program. The bill would also allow families to recertify their income multiple times per year to ensure accurate rent calculations.