Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1666-1667)
Housing and Community Development
Why This Matters
This bill establishes a pilot program that helps families receiving housing assistance save money in special accounts. The program allows families to build savings as their income grows.
If you receive housing assistance, this program allows you to save money for your future by creating an escrow account for your increased rent costs.
Who this affects
families in housing assistance
What changes is this bill making?
1This pilot program will create escrow accounts for families receiving housing assistance to help them save money.
2Up to 5,000 families can participate in this program, which will be managed by selected organizations.
3Families can withdraw their savings after five years or sooner if they meet certain conditions.
4The program aims to support families as they increase their income and reduce reliance on welfare assistance.
