The Family Self-Sufficiency (FSS) Program is a five-year program that provides supportive counseling, financial education, and credit success workshops to Way Finders' Section 8 Housing Choice Voucher participants. Participants will work one-on-one with Economic Mobility Specialists to develop an action plan for reaching their goals, whether that be to secure employment, further their education, purchase a home, or start a business.
FSS Program participants will receive a financial incentive of an escrow account in their name that they will have access to after graduating the program. The maximum funds a participant can receive is $25,000.
Your FSS Specialist will help you overcome obstacles by linking you to helpful services including:
The escrow account participants can earn is credited with a portion of the increase of rent paid that would otherwise result from increases in earned income. The maximum escrow account earned is $25,000. After 12 months of being economically stable without public assistance and you have completed your FSS goals, you'll receive the money that was saved on your behalf
Graduates of the program have used their escrow account for things like:
Way Finders’ Family Self-Sufficiency (FSS) Match Dollar Program provides eligible Section 8 participants an opportunity to save money towards homeownership. The MA Executive Office of Housing and Livable Communities (EOHLC) will match up to $4,000 in savings, for a total up to $12,000*. Combining the Match Dollar Program with the FSS Homeownership bonus, participants may potentially save up to $21,000 for a home.
Current FSS participants who meet the income guidelines and are not earning escrow (or earning less than $150 in monthly escrow) are eligible to become participants in the program
In order to use your matched savings, you must be purchasing a home with an eligible mortgage.
There will be no exceptions to the mortgage requirements
In addition to the CHAPA-approved Homebuyer Education Class Required Additional Workshops will include:
Legal Aspects of Homebuying
Participants must open a new dedicated savings account upon enrollment in the program (or selecting to enroll in this program for existing participants). The savings of participants must always be in the account for more than 30 days in order to generate match funds from the EOHLC.
Participants can access their own savings account as needed. Participants cannot access match money until purchasing a home.
If the participant is withdrawing the funds in this account frequently, the FSS Coordinator may discuss why this is happening, and attempt to determine if the participant is able to manage their regular expenses without these savings.
Yes. Participants will be encouraged to report increased earnings in order to establish escrow accounts.
Participants can continue to save money for match, but the amount of match they can leverage is the difference between their escrow total and $12,000.
Remember, the goal of this program is not to replace and match traditional escrow, but to help participants earn up to $12,000 for homeownership.
For example, if a household in the FSS program experiences an increase in earned income, and earns $2,500 in federal escrow funds, the family may continue to save money in their Matched Savings Account and earn up to $9,500 based on the savings of the household.
