Rent increases from earned income go into an interest-bearing escrow account
What the document says“shall establish an interest-bearing escrow account and place into the account an amount equal to any increase in the amount of rent paid by each covered family in accordance with the provisions of section 3, 8(o), or 8(y), as applicable, that is attributable to increases in earned income by the covered families during the participation of each covered family in the Pilot Program;”
An entity chosen for the pilot program must open an interest-bearing escrow account and pay into it an amount equal to any rent increase a covered family pays that comes from a rise in earned income while the family is in the program. The entity may use funds it controls under section 8 or 9 to make the deposit, so long as those funds are offset by the rent increase the family pays.
What the document actually says“shall establish an interest-bearing escrow account and place into the account an amount equal to any increase in the amount of rent paid by each covered family in accordance with the provisions of section 3, 8(o), or 8(y), as applicable, that is attributable to increases in earned income by the covered families during the participation of each covered family in the Pilot Program;”
The body must open a savings account that earns interest. When a family earns more, its rent goes up. That extra rent goes into the account.
Rent in assisted housing rises with income. That can leave a family no better off. Here the extra rent is saved for the family instead.
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