Pilot Program: Savings for Families in Housing Assistance.
This act establishes a pilot program to help low-income families save money. If a family's income increases, leading to a higher rent payment, that difference will be deposited into a special escrow account. These funds become accessible after 5 years or when the family stops receiving welfare assistance, encouraging financial independence.
Key points
New Escrow Accounts: Rent increases resulting from a family's increased earned income are deposited into a special savings account, rather than fully going to the housing agency.
Work Incentive: Any increase in earned income for families in the pilot program will not negatively affect their eligibility or benefit amounts for other federal assistance programs.
Access to Funds: Families can withdraw the accumulated money after 5 years of participation or earlier if they cease receiving Federal or State welfare assistance.
Voluntary Participation: Enrollment in the pilot program is voluntary. Families can opt out at any time, and their housing assistance will not be delayed or terminated due to participation.
Expired
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