Helping More Families Save Act
Sponsored By: Senator Reed, Jack [D-RI]
Introduced
Summary
Creates a pilot that deposits the portion of increased rent tied to earned-income gains into interest-bearing escrow accounts for low-income households receiving housing assistance. The pilot would test whether holding those rent increases helps families build savings and move toward financial independence.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Escrow savings pilot for renters
If enacted, HUD would run a pilot letting up to 5,000 families save rent increases tied to earned income in interest-bearing escrow accounts. HUD would pick up to 25 local agencies or owners within 18 months, and accounts must start within six months of selection. Accounts must be kept at least five years and may stay up to seven years by family choice. While enrolled, the covered family's earned-income increases would not count as income or resources for HUD programs. Families must get notice, can opt out at least two weeks before accounts are set up, and can opt out anytime without losing or delaying housing help.
Funding for pilot setup and study
If enacted, the bill would authorize $5,000,000 for HUD in fiscal year 2026. The money would pay for technical help to run the escrow pilot and for an evaluation study. Any amounts appropriated would remain available until spent.
Sponsors & CoSponsors
Sponsor
Reed, Jack [D-RI]
RI • D
Cosponsors
Katie Britt
AL • R
Sponsored 3/11/2025
Sen. Smith, Tina [D-MN]
MN • D
Sponsored 3/12/2025
Sen. Warner, Mark R. [D-VA]
VA • D
Sponsored 3/12/2025
Sen. Crapo, Mike [R-ID]
ID • R
Sponsored 4/28/2025
Sen. Blunt Rochester, Lisa [D-DE]
DE • D
Sponsored 10/8/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov