A family may withdraw after leaving welfare assistance and after five years
What the document says“``(i) after the covered family ceases to receive welfare assistance; and ``(ii)(I) not earlier than the date that is 5 years after the date on which the eligible entity establishes the escrow account under this subsection;”
A covered family may take money and interest out of the escrow account once it has stopped receiving welfare assistance and no earlier than five years after the account was opened. Withdrawal is also allowed no later than seven years out where the family stays in the program past five years, on the date it stops receiving housing assistance if that is sooner, earlier than five years where the money advances a self-sufficiency goal the entity approves, for any reason listed in section 984.303(k) of title 24 of the Code of Federal Regulations, or where the Secretary finds good cause.
What the document actually says“``(i) after the covered family ceases to receive welfare assistance; and ``(ii)(I) not earlier than the date that is 5 years after the date on which the eligible entity establishes the escrow account under this subsection;”
The family must first stop getting welfare help. It must also wait five years from the day the account was opened.
Some other doors open the account sooner. One is leaving housing help. One is using the money toward a goal the body has approved.
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