What is an FSS Savings Account?

An FSS Savings Account is an interest-accruing escrow account that’s assigned to all FSS participants at their initial enrollment. Credits to the account come from rent subsidies paid by the participant to the housing authority. In order for a participant to have escrow credits, their earned income must increase to greater than the amount recorded on the contract of participation at their initial enrollment in the FSS Program. Thus, increase in income will result in increased rent payments. A portion of the rent payments will be deposited into the escrow account monthly.

How does it all work?

The primary goal of the FSS Program is to promote economic self-sufficiency among participating families. The participants identify goals and barriers that need to be addressed in order for them to achieve self-sufficiency and then develop a plan that consists of goals and resources. Once the participant has completed all goals identified in the FSS Contract, he/she is eligible to receive the funds from the escrow account. The participant has five years to complete all of the goals.