H.R.4385

Helping More Families Save Act establishes a pilot program to improve family self-sufficiency through escrow accounts.

The Helping More Families Save Act aims to establish a pilot program to enhance family self-sufficiency by creating escrow accounts for eligible families. The Secretary of Housing and Urban Development will select up to 25 eligible entities to manage these accounts for up to 5,000 families. These accounts will hold increases in rent due to higher earned income, with funds available for withdrawal under specific conditions. The pilot program will run for 10 years, with a study on its outcomes required 8 years after the selection of participating entities.