S.970

Establishes a pilot program to improve the family self-sufficiency program by creating escrow accounts for eligible families.

The Helping More Families Save Act amends the United States Housing Act of 1937 to establish a pilot program. The Secretary of Housing and Urban Development will select up to 25 eligible entities to manage escrow accounts for up to 5,000 covered families. These accounts will hold increases in rent due to earned income growth, without affecting eligibility for other benefits. Families can withdraw funds after ceasing to receive welfare assistance. The pilot program will run for 10 years, with a study on its outcomes to be conducted 8 years after its start.