The Housing Authority of the City of Santa Barbara (HACSB) recently celebrated 23 graduates who completed the organization’s Family Self-Sufficiency (FSS) program. These 23 graduates have a combined escrow of $578,608.93 and an average income increase of $43,007. Of this group, seven are no longer receiving housing assistance.
The FSS program is a voluntary five-year program in which a plan is developed with each participant to design a clear path of specific goals and objectives in order to achieve living wage employment and gain economic self-sufficiency. Participating families are provided with an interest-bearing escrow account made up of the difference of the rent the family pays when entering the program and the increased rent that would be charged as the family’s earned income increases. On completion of the FSS plan, a family may claim its escrow account if they are employed, no family member is receiving welfare assistance, and the family has met their other individual goals.
The ultimate goal of FSS is to help participants achieve their own personal goals and greater socio-economic advancement, including college degrees, professional careers, and first-time home ownership. The FSS program builds partnerships with employers and service providers in the community to help participants obtain jobs and services. These services may include education and vocational training, career planning, resume writing, interview preparation, job search assistance, financial planning, and homeownership preparation.
Norma, originally from Guatemala and a mother of two, is a caregiver and medical assistant, and her husband Tarince works in the aviation industry. Having experienced homelessness in the past, Norma found the stability she needed once she was approved for the Section 8 Housing Choice Voucher program. With a secure home, she was able to focus on personal and financial growth.
One of the workshops Tarince and Norma completed was the financial empowerment series, which taught them about their financial mindset, budgeting and saving, credit, investing, and homeownership. During their time in the FSS program, they experienced health and family challenges, yet they remained committed to the program and continued working toward their goals.
Tarince and Norma have increased their income significantly and are no longer receiving housing assistance. They are now more aware of how their money is being spent and the changes they can make to help toward their goal of homeownership.
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It is encouraging to see families successfully transitioning off Section 8 assistance. However, it’s curious that a program focused on financial literacy and career advancement remains voluntary; one could argue these should be mandatory requirements for anyone receiving public aid.
While the FSS escrow account is an investment—essentially ‘refunding’ the rent increases that would normally go back into the housing system—the trade-off seems worth it if it results in permanent self-sufficiency. To truly protect this investment, there should perhaps be a ‘waiting period’ preventing graduates from returning to assistance for several years, ensuring that the move to independence is lasting.