; and (ii) vary by size and type, including both public housing agencies and private owners of projects receiving project-based rental assistance under section 8. (6) Notification and opt-out An eligible entity receiving an award under this subsection shall— (A) notify covered families of their enrollment in the pilot program under this subsection; (B) provide covered families with a detailed description of the pilot program, including how the pilot program will impact their rent and finances; and (C) provide those covered families with the ability to elect not to participate in the pilot program— (i) not less than 1 month before the date on which the escrow account is established under paragraph (3); and (ii) at any point during the duration of the pilot program. (7) Number of escrow allocations (A) In general The Secretary shall award not more than 5,000 escrow allocations. (B) Number of entities The Secretary shall seek to award escrow allocations to not less than 25 eligible entities. (8) Maximum rents During the term of participation by a covered family in the pilot program under this subsection, the amount of rent paid by the enrolled family shall be calculated under the rental provisions of section 3 or 8(o), as applicable. (9) Pilot program timeline (A) Awards Not later than 18 months after the date of enactment of this subsection, the Secretary shall award escrow allocations. (B) Establishment of accounts An eligible entity awarded an escrow allocation under this subsection shall— (i) not later than 6 months after receiving the escrow allocation, establish escrow accounts under paragraph (3) for covered families