Helping More Families Save Act

Creation of Savings: 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, paragraph 3,A,i).

Access to Funds for Self-Sufficiency: Families may be able to withdraw funds earlier than the standard five-year period if they are using the money to advance a self-sufficiency goal approved by the eligible entity (Section 2, paragraph 3,C,iv).

Protection of Other Benefits: Increases in earned income during participation in the pilot program cannot be counted as income or resources when determining eligibility for other benefits administered by the Secretary (Section 2, paragraph 4).

Flexible Recertification: To support the program, covered families are permitted to recertify their income multiple times per year, with at least one recertification required annually (Section 2, paragraph 3,D).

Low Barrier to Entry: Families participating in the pilot program are not required to complete a standard contract of participation or an individual training and services plan (Section 2, paragraph 3,E).

Income Restrictions: An eligible entity is prohibited from putting money into an escrow account for any covered family whose adjusted income exceeds 80 percent of the area median income (Section 2, paragraph 3,B).

Withdrawal Limitations: There are strict time constraints on when a family can access their money, generally requiring a wait of at least 5 years, unless specific exceptions apply (Section 2, paragraph 3,C,i-ii).

Program Exclusivity: Families are informed that they cannot participate in both this pilot program and the standard Family Self-Sufficiency program at the same time (Section 2, paragraph 6,C).