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New Savings Program for Low-Income Families

A new pilot program aims to help families receiving housing assistance save money. A portion of their increased earnings will be placed into a special account to help them achieve financial independence. The program is designed to support self-sufficiency and will not negatively impact other benefits.
Key points
Increases in earned income for participating families will be partially deposited into a special savings account.
Funds from the account can be withdrawn under specific conditions, such as after ceasing welfare assistance or for self-sufficiency goals.
Participation in the program is voluntary and will not affect eligibility for housing assistance or other benefits.
The program will run for 10 years, serving up to 5,000 families, and its effectiveness will be evaluated.
article Official text account_balance Process page
Introduced
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Additional Information
Print number: 119_HR_4385
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2025-07-14
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Helping More Families Save Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4385.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-07-14.

What are the main provisions?

Key points include:

  • Increases in earned income for participating families will be partially deposited into a special savings account.
  • Funds from the account can be withdrawn under specific conditions, such as after ceasing welfare assistance or for self-sufficiency goals.
  • Participation in the program is voluntary and will not affect eligibility for housing assistance or other benefits.
  • The program will run for 10 years, serving up to 5,000 families, and its effectiveness will be evaluated.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Torres, Ritchie [D-NY-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Benefits Family Real Estate