Today, Representatives Ritchie Torres (NY-15) and William Timmons (SC-04) introduced the Helping More Families Save Act, a bipartisan effort to modernize and expand the Family Self-Sufficiency (FSS) program for low-income families receiving federal housing assistance. The legislation empowers families to build savings without jeopardizing the support they rely on, laying a foundation for long-term economic independence. The full bill text is attached here.
The bill would establish a pilot program under HUD allowing participating housing authorities and property owners to create escrow accounts that capture increases in rent due to rising earned income. Funds accrued in these accounts would become available to families once they transition off welfare assistance, with certain exceptions allowing early withdrawals for purposes that support self-sufficiency. Importantly, the bill ensures that these income gains do not impact families’ eligibility for other HUD benefits.
On the bill’s introduction, Rep. Torres said:
“Every family deserves the chance to build a better future without being penalized for getting ahead. This bill aims to rewrite rules that have trapped working people in poverty for too long. We are choosing to invest in dignity, mobility, and the simple idea that hard-working low-income families should be able to save just like anyone else.”
Rep. Timmons said:
“The Helping More Families Save Act is a smart, pro-family solution that encourages work and rewards responsibility. By allowing families to build savings and work towards independence without losing the support they still need, this legislation offers real results. It is about giving Americans a real shot at long-term success, not trapping them in cycles of dependency. I am proud to support a policy that strengthens families, respects work, and moves people forward.”
A Senate companion bill (S. 970), led by Senator Jack Reed (RI), has already drawn strong bipartisan support with Senators Katie Britt (AL), Tina Smith (MN), Mark Warner (VA), and Mike Crapo (ID) as cosponsors.