Rep. Torres’ Bill to Help Families Build Savings Passes House as Part of Major Housing Package

Yesterday, Congressman Ritchie Torres (NY-15)’s bipartisan Helping More Families Save Act, introduced with Congressman William Timmons (SC-04), passed the House as part of the Housing for the 21st Century Act, a sweeping bipartisan package to address the nation’s housing affordability crisis.

The Torres-Timmons provision strengthens and modernizes the federal Family Self-Sufficiency (FSS) program by allowing families in federally assisted housing to build savings as their income rises without risking the benefits they rely on. The measure creates a pilot program through HUD enabling housing providers to establish escrow accounts that help families transition toward long-term financial independence.

“Hard-working families should not be penalized for getting ahead,” said Congressman Torres. “By expanding the Family Self-Sufficiency program, we are giving families the chance to build savings, invest in their future, and move toward lasting economic independence. This is a common-sense step to help more Americans break out of poverty and build a better life.”

The broader housing package passed the House with strong bipartisan support and now heads to the Senate for consideration.