Helping More Families Save Act

Savings through interest-bearing accounts: Eligible entities will establish interest-bearing escrow accounts for covered families, placing in them amounts equal to rent increases caused by higher earned income. (Section 2(3)(A)(i))

Flexibility in fund withdrawals: Families can withdraw funds, including earned interest, once they stop receiving welfare assistance and after a specific period, or earlier if using funds for a self-sufficiency goal approved by the entity. (Section 2(3)(C))

Protection of benefit eligibility: Increases in a family's earned income during the program cannot be counted as income or resources when determining eligibility for other benefits administered by the Secretary. (Section 2(4))

Simplified participation: Families are not required to complete standard contracts of participation or individual training and services plans to participate in the pilot program. (Section 2(3)(E))

Protection of housing assistance: Families' housing assistance cannot be terminated because they chose to participate or not participate in the pilot program. (Section 2(9)(B))

Choice in participation: Families have the ability to elect not to participate in the pilot program at any point during its duration. (Section 2(6)(D))

Income limitations for eligibility: An entity is prohibited from escrowing amounts for any covered family whose adjusted income exceeds 80 percent of the area median income. (Section 2(3)(B))

Restrictions on withdrawal timing: Families generally cannot withdraw funds from the escrow account until at least 5 years after the account is established, unless specific exceptions apply. (Section 2(3)(C)(ii)(I))

Ineligibility for simultaneous programs: Families cannot participate in both this pilot program and the Family Self-Sufficiency program at the same time. (Section 2(6)(C))