Funding News

Washington- The Department of Housing and Urban Development (HUD) announced giving $128 Million to 835 Public Housing Agencies (PHAs) and Project Rental Assistance (PBRA) owners for the 2023 Renewal and New Family Self Sufficiency (FSS) Program grants. The announcement was made by HUD’s Principal Deputy Assistant Secretary Richard Monochhio in Chicago highlighting HUD and Biden-Harris administration efforts to support families by providing financial resources to achieve economic independence.

HUD’s Secretary Marcia L. Fudge said, “Financial literacy, job training, and educational opportunities are some of the resources the FSS program connects HUD-assisted families to so that they have the chance to find employment and build assets. HUD remains committed to working with our local partners to empower residents and promote economic justice for all Americans.”

The FSS program is offered to families in HUD-assisted housing wherein participants can receive coaching, referrals to services, and establish a family escrow savings account. The program coordinators will be entrusted with the responsibility of providing coaching and developing local strategies to connect families to resources which in turn will increase their income reduce the need for welfare assistance and facilitate progress toward economic independence and self-sufficiency.

HUD Principal Deputy Assistant Secretary Richard J. Monochhio said, “Regardless of how much money one might make, where they live, whether or not they receive assistance, every person in this country deserves to have the sense of security for their families that comes with consistent saving. We are thrilled to offer the benefits of the FSS program to more participants than ever before.”

FSS is the nation’s largest asset-building program for low-income families funding over 1450 coordinators to serve 69000 residents in multifamily housing.

National issues such as unequal access to savings, poor or non-existent credit history, and limited engagement in mainstream banking disproportionately affect renters and exacerbate the racial wealth gap. These factors result in renters having a very limited financial safety net for situations like unemployment or unforeseen expenses like car repairs or medical emergencies.
The Family Self-Sufficiency (FSS) program aims to mitigate these challenges by providing savings opportunities and support, preventing unexpected events from escalating into major financial difficulties.