Jack Reed: “today I am introducing the Helping More Families Save Act with Senator Britt. This bipartisan legislation would help…”

“today I am introducing the Helping More Families Save Act with Senator Britt. This bipartisan legislation would help more families in HUD-assisted housing build savings and improve their financial security by creating a pilot program for Family Self- Sufficiency, FSS, universal escrow accounts. The FSS Program was established under the National Affordable Housing Act of 1990 to help low-income families boost savings and improve their professional, educational, and financial standing. In 2018, I worked with then-Senator Roy Blunt to expand the program to cover more households. Today, millions of public housing residents. Housing Choice Voucher Program participants, and residents of project-based rental assistance, PBRA, housing are eligible for FSS. FSS provides two key tools for its participants. First, households work with FSS coordinators to develop long-term financial, professional, or educational goals. FSS coordinators also help connect participants with resources, training, and employment opportunities. Second, the program encourages FSS families to save by providing them with an interest-bearing escrow account. Participants who increase their incomes deposit a portion of their addditional earnings into their escrow account instead of paying higher rent, as is typically required under federally subsidized housing programs.…”