What is Family Self-Sufficiency? It is a program established by HUD to promote employment and financial independence for Section 8 families.
How does the program work? The two main features of FSS are case management services and the escrow account. Families who volunteer to participate are invited to an orientation and given the opportunity to enroll in the program. A contract is signed to allow participation in the FSS program. The FSS case manager will work with you to help determine the obstacles you must overcome to meet your goals. We will then co-ordinate community services to meet the needs of your family.
What is the escrow account? The escrow account is a financial incentive for FSS participants only. Most Section 8 families will experience an increase in their rental portion, if their income increases. However, FSS participants can get a partial “refund” of the increased rental portion. These funds are then deposited into an account that earns interest.
What happens to the escrow funds? The funds will continue to earn interest and remain in the account until the contract is completed, or it expires. If a participant successfully completes the program, they will receive all of the funds accumulated in their escrow account. In fact, some families have used the funds as a down payment on a home or to start their own businesses. Also with approval, the participant may withdraw funds during the contract term, for certain training or work-related expenses. Of course, if the participant fails to complete the contract, or drops-out of the program, the account is forfeited.
Anything else I should know? Family Self-Sufficiency is a voluntary program, there is no penalty if you choose not to participate, your Section 8 will not be affected. It may take up to five years to achieve the goals established. If you decide to participate, you will need to make a commitment towards achieving self-sufficiency. The choice is yours.
Click here to download the most current FSS Brochure.
Note: the # of available slots is limited. To sign-up, send an email to kah@racbny.org. We will contact you to let you know when you can come in to learn more about the FSS program and the benefits it offers.
Click here to view the most current Homeownership brochure
RACB Homeownership Newsletters
December 2008 November 2008
