Family Self-Sufficiency Program (FSS)
FSS is currently accepting applications!
On the road to success.
What is FSS?
The FSS Program help families increase earnings and build assets through coordinated support and financial coaching. A unique escrow account that grows as their income rises, fostering economic independence by connecting them to services like job training, childcare, and financial literacy to achieve goals like homeownership or education.
Facts about FSS
- Goal Oriented
- Voluntary and Client-Driven
- Escrow Savings Account
- Comprehensive Support
- Graduation and Rewards
- Long-Term Success
How does FSS work?
Once a family is selected for the (FSS) program they'll attend an orientation to complete forms, outlining the family and the Public Housing Agency's (PHA) responsibilities notes. Next, the FSS coordinator will help identify obstacles, set goals and connect with local resources. Then, you'll create a personalized plan (the ITSP) detailing your goals and the steps to achieve them. As your earned income increases, the difference between your original rent calculation and new one goes into an escrow account. You can use funds from your escrow account for approved expenses like education or childcare to help you reach goals. Last, upon successful completion of your goals within the contract term, you receive the entire escrow balance as a lump sum, which can be used for homeownership, education, or other goals.
What is a Escrow account?
An FSS escrow account is a special, interest-bearing savings account held by the Public Housing Agency (PHA). This was designed to help families build savings as their earned income increases, with funds released upon successful program completion to support financial independence. When a family's income rises, their rent usually increases too. That increase in rent is deposited into a escrow account instead, acting as a reward for achieving self-sufficiency.
Escrow Example
- Scenario: A tenant starts FSS with minimal rent ($50) and no job. They get a job, and their rent increases to $350.
- Escrow Calculation: The $300 difference ($350 minus $50) is deposited into their FSS escrow account monthly.
- Outcome: After 5 years (60 months), they could have $18,000 in savings, available for post-program goals or approved interim needs like school costs.
($300 multiplied by 12 = $3600) ($3600 multiplied by 5): $18,000
Key Benefits
- Homeownership
- Education
- Financial Independence
- Develop Life Skills
- Increase Wages
- Support Services (education, job training, childcare, credit counseling)
Eligibility
If you live in Public Housing, have a Housing Choice Voucher (Section 8), or receive Project-Based Rental Assistance.
If you're interested contact: Shakiha Reid, FSS Coordinator 252-644-2396 or sreid@wha-nc.org.