Last month, Compass Working Capital (Compass) and Preservation of Affordable Housing (POAH) published a joint report titled “Promoting Economic Mobility in Multifamily Housing: Initial Outcomes from Family Self-Sufficiency Programs.” The report analyzes the Family Self-Sufficiency program (FSS), a program of the U.S. Department of Housing and Urban Development (HUD).
FSS allows HUD-assisted families to build savings accounts while enrolled. As families increase earning capacity, the FSS program captures increased rental payments in escrow for the family to use in the future. In 2014, FSS was extended to owners of Section 8 Project-Based Rental Assistance properties.
The report finds that the FSS program is providing greater access to opportunity for families to reach their financial goals. The report also underscores the importance of FSS in providing a platform for many families to exit subsidized housing and provide space for the next family in need.
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