Family Self Sufficiency FSS

The head of household or chosen adult household member will sign a 5-year contract of participation and will be assigned a case manager. The case manager will assist in setting goals such as obtaining employment, completing education, building, or fixing credit, obtaining childcare, and learning the responsibilities or purchasing a home. Clients will be provided with options for several different supportive services and resources available to you in the area, based on individual needs.

We ask that you abide by your lease, pay your rent on time, establish, and maintain program goals and keep in contact with your case manager on a frequent basis.

The Escrow Account is a savings account opened for you once your experience a rent increase due to employment income. Once your portion of the rent increases because of higher income, the HHA will pull that money directly from your rent payment and deposit into the account monthly. The monthly amount deposited will increase or decrease depending on your income. Once you have completed all of your goals, the money accumulated in the account will be available to you. Most participants use the money saved towards renting in the fair market or purchasing their own home.

You can leave the program at any time you choose. Exiting the program will not affect your housing status and will not result in a termination of your subsidy.

If you are interested in the program, please reach out to our Resident Services Department today!

No, the Family Self-Sufficiency (FSS) Program and the Section 8-to-Homeownership Program are two separate programs. However, it is preferred that clients join the FSS program before applying to participate in the the Section 8-to-Homeownership program. The FSS Program can help you prepare financially for homeownership and allows you to build savings in your FSS Savings Account to use toward a down payment. The Section 8-to-Homeownership Program, primarily helps you pay the mortgage once you become a homeowner.

In order to participate in the FSS Program, you will need to be the head of household, or an adult household member approved by the head of household, with a federal Housing Choice Voucher (also known as “Section 8”) from Holyoke Housing Authority (HHA), a tenant in good standing as determined by HHA, and willing to find suitable employment within the five-year program time frame.

The HHA also has a local Family Self-Sufficiency (FSS) program which features a modified escrow schedule for participants joining the program with moderate income.

Yes, those who are not currently employed are allowed – and encouraged – to join the program. However, in order to join the program, you must be willing to seek and maintain suitable employment since being suitably employed is one of the requirements to graduate successfully and receive FSS Savings Account funds.

In order to graduate and receive your FSS Savings Account balance from the program, you will need to (1) meet regularly with your financial coach to complete your goals, (2) be suitably employed at the time of graduation, (3) have all household members off cash welfare assistance at the time of graduation, and (4) be in compliance with your housing lease at the time of graduation.

Your rent may increase because the landlord raises the rent, or because of changes in other income like SSI, SSDI, child support, or unemployment. Deposits into the FSS Savings Account only occur when your rent increases due to an increase in income from employment that is reported to your housing provider.

Self-employment, business and/or trade (independent contract, business owner, etc.), seasonal, part-time and/or full-time employment. You will need to provide employment and self-employment documentation to verify you are suitably employed.

If your earned income decreases or never increases throughout the program, you will not receive any deposits into your FSS Escrow Account. You can, however, still benefit from the support you receive from case manager. Your case manager can help you identify other savings opportunities and more.

Any increase in earned income from anyone in your household contributes to your FSS Escrow Account. But remember, the FSS Head of Household as the participant in the program must be suitably employed to graduate and receive the funds in your FSS Escrow Account.

During the program, you can request money (up to 50% of the account balance) from your FSS Escrow Account to help you build credit, pay down debt, enroll in job training/education, purchase a home, develop or expand a small business, and purchase or repair a car. You cannot use the account for rent or rental arrears. To qualify for a withdrawal, you must be in the program for at least 6 months. All requests must be submitted in writing and approved in writing by HHA. Your case manager will work with you to facilitate your request and provide further instruction. Upon graduation, you will receive the remaining amount of money from your FSS Escrow Account and there are no restrictions on how it may be used.

Yes, the FSS Escrow Account will gain a small amount of interest during your participation in the program.

No, being part of the FSS Program will not affect your ability to stay in subsidized housing. At the end of the program, some people buy a home or earn enough money so that they no longer need housing assistance. However, that is not a requirement of the program.

You cannot make additional contributions to the account. The only way to add to your FSS Escrow Account is to increase your earned income.

If your income increases so that you no longer need a Section 8 voucher, you will automatically graduate and receive the funds in your FSS Escrow Account.

You are able to create and modify goals as your interests and circumstances change throughout your time in the program. However, if you need more time to complete the program, you can request an extension of up to two years depending on the circumstances and upon final approval by HHA . For example, if you have unexpected health issues that prevent you from working, you can request an extension.

If you do not complete the graduation requirements or if your FSS Contract is terminated for lack of participation or otherwise, your FSS Escrow Account will be closed and the money in the account will be returned to HHA.