Wealth and Asset Building Programs
Family Self-Sufficiency Program
Family Self-Sufficiency (FSS) program is a HUD program designed especially for motivated individuals who are receiving rental assistance through the Section 8 program.
Using housing as a stabilizing force, which allows participants to focus their energy on education, training, and employment strategies, participants work with an FSS coordinator to create a five year action plan that outlines goals toward self-sufficiency. As participants actively pursue their goals and their income goes up, their portion of the rent also goes up. The difference between the initial rent participants pay and any subsequent increases in rent due to earned income raises goes into an interest bearing savings account called an escrow account.
To graduate from the program participants must be suitably employed, welfare cash assistance free for a year, and complete all the goals that they outlined in their action plan. Once participants have graduated from the program they are eligible to receive the money that has accumulated in their escrow account. The savings can add up to thousands of dollars!
If you are interested in learning more about the program please contact Mid-Columbia Housing Authority at 541-296-5462 or toll free at 888-356-8919.
Valley Individual Development Account Program
VIDA is an exciting savings program that prepares those who qualify to build wealth through the establishment of an Individual Development Account (IDA). Each dollar that a participant saves in an IDA is matched at the rate of 3:1.
VIDA funds can be used to achieve specific life and asset building goals such as:
- First-time homeownership
- Small business start up or expansion
- Post-secondary education
- Home repair and rehabilitation
- Workforce training
- Need-based adaptive and specialized equipment
To qualify participants need to be an Oregon resident, have a net worth of less than $20,000, excluding a primary home and one vehicle, earn less than 80% area median income for the county they live in (please visit www.vidaoregon.org for details), attend a financial literacy class and create a financial plan.
For more information on this program please contact Mid-Columbia Housing Authority at 541-296-5462 or toll free at 888-356-8919.
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