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Family Savings Pilot Program: New Escrow Accounts and Financial Support

This bill introduces a new pilot program designed to help low-income families save money. If your earned income increases, a portion of your rent increase will be set aside in a special account that you can withdraw later. The goal is to support financial independence and make saving easier.
Key points
Establishes special escrow accounts for families receiving housing assistance, where a portion of rent increases due to earned income growth is deposited.
Allows withdrawal of accumulated funds after ceasing to receive welfare or housing assistance, or earlier for self-sufficiency goals.
Increased earned income within the pilot program will not negatively affect eligibility for other benefits.
The program is voluntary; families can opt out at any time without losing housing assistance.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_970
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2025-03-11
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Summarized by: gemini-2.5-flash-preview-05-20
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_S_970.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-03-11.

What are the main provisions?

Key points include:

  • Establishes special escrow accounts for families receiving housing assistance, where a portion of rent increases due to earned income growth is deposited.
  • Allows withdrawal of accumulated funds after ceasing to receive welfare or housing assistance, or earlier for self-sufficiency goals.
  • Increased earned income within the pilot program will not negatively affect eligibility for other benefits.
  • The program is voluntary; families can opt out at any time without losing housing assistance.
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 Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

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

CATEGORIES

Family Benefits Real Estate