The U.S. Department of Housing and Urban Development (HUD) has announced $44 million in Fiscal Year (FY) 2023 funding for the Family Self Sufficiency (FSS) Program and the Resident Opportunity and Self-Sufficiency (ROS) Service Coordinator Program. The funds from both initiatives will be utilized to provide citizens with the tools and resources they need to achieve financial independence, realize family goals, and generate generational wealth and economic mobility. Acting Secretary Todman made the announcement at the Westwood Opportunity Center in Denver.
“At HUD, part of our work includes empowering people to navigate everyday challenges,” said HUD Acting Secretary Adrianne Todman. “The funding announced today provides a foundation for personal and financial growth that will help families achieve their families’ goals and attain economic justice.”
The FSS program is a voluntary initiative offered to families in HUD-assisted housing. FSS Program Coordinators provide coaching and develop local strategies to connect participating families with public and private resources aimed at increasing their earned income and financial empowerment. These efforts also seek to reduce or eliminate the need for welfare assistance and facilitate progress toward economic independence and self-sufficiency.
The ROSS Service Coordinator program provides funding to hire and maintain service coordinators. These coordinators assess the needs of residents in conventional public housing or Indian housing and coordinate available community resources to meet those needs. This place-based program targets the entire resident community, aiming to connect public and private resources to empower residents of public housing.
Later today, Principal Deputy Assistant Secretary for Public and Indian Housing, Richard Monocchio, will be making a separate award announcement in Flint, Michigan alongside new award recipients from the Flint Housing Commission and the Birch Park Apartments multifamily housing partners from Saginaw, Michigan.
“As we continue to expand housing supply and improve housing affordability, we are just as focused on ensuring that residents have the supports and services, they need to reach opportunities and meet their goals,” said Richard Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing. “There’s nothing more inspiring than seeing individuals and families building for their future and the future of their children when they’re given the opportunity to achieve their dreams with help from programs like FSS and ROSS.
In addition, HUD released the FY 2024 ROSS program Notice of Funding Opportunity (NOFO) that will provide $40 million for eligible entities to apply. This three-year grant will help pay for service coordinators at target developments.
ROSS and FSS funds play critical roles in assisting families to achieve economic independence and improve their quality of life. These projects empower families to overcome obstacles and achieve their goals by providing complete support services such as career training, financial literacy education, and health and wellness programs. FSS funding assists participants in achieving financial security and planning for the future through personalized case management and an innovative escrow savings account. ROSS and FSS funds are more than just welfare programs; they are effective accelerators for community transformation and autonomy.
To read the full release, including more data, charts, and methodology, click here.
The post HUD Invests $84M to Help Residents Achieve Financial Stability first appeared on The MortgagePoint.
