Bill > HR4385

This bill establishes a Family Self-Sufficiency Escrow Expansion Pilot Program designed to help low-income families receiving housing assistance build savings and achieve economic independence. The pilot program will allow up to 25 eligible entities (such as public housing agencies and private rental assistance providers) to create interest-bearing escrow accounts for up to 5,000 families whose income is at or below 80% of the area median income. When participating families increase their earned income, the additional rent they pay will be deposited into these escrow accounts. Families can withdraw funds from these accounts after they stop receiving welfare assistance, typically between 5-7 years after account establishment, or earlier for specific self-sufficiency goals. The program ensures that increased family income will not negatively impact their eligibility for other benefits, and participants can opt out at any time. The Secretary of Housing and Urban Development will select participating entities across various states and urban/rural areas, conduct a study on the program's effectiveness after 8 years, and the pilot program will run for 10 years with $5 million authorized for technical assistance and evaluation. The primary goal is to help low-income families build financial stability and move towards economic self-sufficiency.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4385/all-info