Helping More Families Save Act

Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.

1. 42 U.S.C. 1437uadded (p)by S. 970 Sec. 2

   (p) Escrow expansion pilot program.—(1) Definitions.— In this subsection:(A) Covered family.— The term covered family means a family that receives assistance under section 8 or 9 of this Act and is enrolled in the pilot program.(B) Eligible entity.— The term eligible entity means an entity described in subsection (c)(2).(C) Pilot program.— The term pilot program means the pilot program established under paragraph (2).(D) Welfare assistance.— The term welfare assistance has the meaning given the term in section 984.103 of title 24, Code of Federal Regulations, or any successor regulation.(2) Establishment.— The Secretary shall establish a pilot program under which the Secretary shall select not more than 25 eligible entities to establish and manage escrow accounts for not more than 5,000 covered families, in accordance with this subsection.(3) Escrow accounts.—(A) In general.— An eligible entity selected to participate in the pilot program—(i) shall establish an interest-bearing escrow account and place into the account an amount equal to any increase in the amount of rent paid by each covered family in accordance with the provisions of section 3, 8(o), or 8(y), as applicable, that is attributable to increases in earned income by the covered families during the participation of each covered family in the pilot program; and(ii) notwithstanding any other provision of law, may use funds it controls under section 8 or 9 for purposes of making the escrow deposit for covered families assisted under, or residing in units assisted under, section 8 or 9 of this title, respectively, provided such funds are offset by the increase in the amount of rent paid by the covered family.(B) Income limitation.— An eligible entity may not escrow any amounts for any covered family whose adjusted income exceeds 80 percent of the area median income.(C) Withdrawals.— A covered family shall be able to withdraw funds, including interest earned, from an escrow account established by an eligible entity under the pilot program—(i) after the covered family ceases to receive welfare assistance; and(ii)(I) not earlier than the date that is 5 years after the date on which the eligible entity establishes the escrow account under this subsection;(II) not later than the date that is 7 years after the date on which the eligible entity establishes the escrow account under this subsection, if the covered family chooses to continue to participate in the pilot program after the date that is 5 years after the date on which the eligible entity establishes the escrow account;(III) on the date the covered family ceases to receive housing assistance under section 8 or 9, if such date is earlier than 5 years after the date on which the eligible entity establishes the escrow account;(IV) earlier than 5 years after the date on which the eligible entity establishes the escrow account, if the covered family is using the funds to advance a self-sufficiency goal as approved by the eligible entity; or(V) under other circumstances in which the Secretary determines an exemption for good cause is warranted.(D) Interim recertification.— For purposes of the pilot program, a covered family may recertify the income of the covered family multiple times per year, as determined by the Secretary, and not fewer than once per year.(E) Contract or plan.— A covered family is not required to complete a standard contract of participation or an individual training and services plan in order to participate in the pilot program.(4) Effect of increases in family income.— Any increase in the earned income of a covered family during the enrollment of the family in the pilot program may not be considered as income or a resource for purposes of eligibility of the family for other benefits, or amount of benefits payable to the family, under any program administered by the Secretary.(5) Application.—(A) In general.— An eligible entity seeking to participate in the pilot program shall submit to the Secretary an application—(i) at such time, in such manner, and containing such information as the Secretary may require by notice; and(ii) that includes the number of proposed covered families to be served by the eligible entity under this subsection.(B) Geographic and entity variety.— The Secretary shall ensure that eligible entities selected to participate in the pilot program—(i) are located across various States and in both urban and rural areas; and(ii) vary by size and type, including both public housing agencies and private owners of projects receiving project-based rental assistance under section 8.(6) Notification and opt-out.— An eligible entity participating in the pilot program shall—(A) notify covered families of their enrollment in the pilot program;(B) provide covered families with a detailed description of the pilot program, including how the pilot program will impact their rent and finances;(C) inform covered families that the families cannot simultaneously participate in the pilot program and the Family Self-Sufficiency program under this section; and(D) provide covered families with the ability to elect not to participate in the pilot program—(i) not less than 2 weeks before the date on which the escrow account is established under paragraph (3); and(ii) at any point during the duration of the pilot program.(7) Maximum rents.— During the term of participation by a covered family in the pilot program, the amount of rent paid by the covered family shall be calculated under the rental provisions of section 3 or 8(o), as applicable.(8) Pilot program timeline.—(A) Awards.— Not later than 18 months after the date of enactment of this subsection, the Secretary shall select the eligible entities to participate in the pilot program.(B) Establishment and term of accounts.— An eligible entity selected to participate in the pilot program shall—(i) not later than 6 months after selection, establish escrow accounts under paragraph

   The bill says: Section 23 of the United States Housing Act of 1937 (42 U.S.C. 1437u) is amended by adding at the end the following:

   Bill text · Current law (42 U.S.C. 1437u)

From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.