In partnership with Compass Working Capital through the Financial Stability and Savings program (FSS+) and Rent-
to-Save pilot, CHA is expanding the opportunities available to residents for sustained asset-building. Over five years, participants focus on five core financial wellness areas:
• Financial Goal Setting
• Credit and debt
• Identifying resources
In addition to educational workshops, participants work with financial coaches to set and ultimately achieve short- and long- term financial goals. They learn how to track, prioritize, and control their spending to lower their debt, increase their credit score, and start saving.
A key component of the program is the establishment of an Escrow Savings Account for each participant. Participants who increase their wages may save 50% of their increased rent in their escrow account. CHA maintains the account under the participant’s name, and allows for occasional withdrawals from the account to advance financial security
goals. Upon successful program completion, participants may then use their escrow savings to meet additional financial goals.
Through partnerships with Compass Working Capital and the Policy and Technology Lab, the Rent-to-Save program aims to help CHA residents save up to $10,000 over a three year span. Participants are provided free accounts in an “opt-out” model which allow them to automatically save a portion of their rent payment each month. Compass Working Capital also offers financial workshops and individual coaching to help residents build emergency savings and achieve financial freedom.
During the program, financial coaches work with residents to gain control of their money, understand their current financial situation, identify personal financial goals, and chart paths toward more secure financial futures. In private, confidential sessions, coaches discuss strategies to pay off debt, build credit, plan for buying a home, or saving for a child’s education.