01/06/2020 | Press release | Distributed by Public on 01/06/2020 12:26
Funding will help low-income families build assets with stable housing, increased financial literacy and saving incentives
WASHINGTON - U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that 12 public housing authorities and cities across Minnesota will receive a total investment of $593,683 from the U.S. Department of Housing (HUD) Family Self-Sufficiency Program (FSS).
The FSS Program is an asset building program for low-income families across the country. This investment will help HUD-assisted families reach self-sufficiency by providing them with stable affordable housing, individualized financial coaching and a rent incentive in the form of an escrowed savings account that grows as families' earnings increase.
'Minnesotans enrolled in the Department of Housing and Urban Development's Family Self-Sufficiency (FSS) Program receive vital support that helps them build stable, successful futures,' Klobuchar said. 'The expansion of FSS will provide more resources to residents across our state so they are able to access social services, further their education, and gain skills that lead to lasting income growth.'
'This investment will make many low-income Minnesota families more self-sufficient by helping to provide them with a stable place to live, the ability to make sound financial decisions and increase their savings,' Smith said. 'Ultimately, it will lead to less reliance on housing assistance. And we know this investment really pays off. A cost-benefit analysis of two high-performing FSS programs showed that, over a five-year period, every $100 in net cost to run the program returned around $3,700 in benefits to the participating family. I look forward to seeing how this helps families across Minnesota achieve stability and reach their financial goals.'
The housing authorities and cities receiving funds to help with family self-sufficiency are:
More information about the grants here.