Program to Help Chas Residents Build Savings, Financial Freedom Comes to Chicago – ryan

One Thousand Chicago Housing Authority Residents Will Soon Get the Chance to Build their Savings and Receive Free Coaching with the Help of Aiming to Close the Racial and Ethnic Wealth Gap in the City.

Last Week, the Cha began Its Gradual Rolout of an Initiative that Attempts to Make a Federal Program Called Family Self-SUFFICIency Easier to use for resusions of subsidized housing.

Nonprofit funder Greenlight End Chicago Partner with National NonProfit Compass Working Capital and Cha to Leverage the Program in Chicago.

IT ADDRESSES “A BIT OF A DISINCENTIVE” in Federal Rental Assistance, Said Jimmy Stuart, Chief External Affairs Office at Compass. Stuart explained that we have recipients of housing assistance earn more income, their Rent Also Goes Up.

“Our clients offten Express to us is that, ‘i feel like one steppe and i’m two steps bellind,’ he said.

ESTABLIED BY THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT IN 1990, The program Allows a Housing Provider to Redirect the Rental Payment A Savings Account for the Family. Compass adds to the Benefit by providing personalized financial coaching to help participants manage debt, build savings and plan for the futures.

“We have a lot of folks in our public benefits Safety safety net who are these making rational choices inside what is actually a very Irrational System,” Stuart Said. “We have had a system that, in many ways, by design, work People or discourse People from doing the things that we actually know how to help the Great Financial Stability Over Time.”

SUCCESS IN OTHER STATES

Compass has WORKED WITH FAMILY IN 13 STATES TO BUILD FINANCIAL FROM. Families that Compass WORKED WITH FOR FIVE YEARS HAVE SAVED AN AVERAGE OF $ 8,500.

Laura Rosa, 37, Joined The Program in Boston in 2021. SINCE THEN, She’s Saved Over $ 45,000 and Started Working for Compass on the Strategy and Client Success Team. She Particularly Enjoyed Having a Financial Counselor, and Said She Think The Program is “Undervalured.”

“Its been Helpful, Because Finance is not something I sit at Brunch Talking About,” She Said. “So it was helpful to have that person give with the time and space to just get that knowledge and awareness.”

She Said Talking About Finance was taboo in her culture.

“I’m puerto rican, so it is something something was never never, as a child coming up, I really have inside detail about it,” Rosa Said. “NOBODY EVER TANGHT ME OR TOOK TIME.”

In chicago, comass is looking to make the program easier to join. Cha has identified 1,000 Residents, and Over the Next Few Months Compass Will Be Working Toward Getting Set Up in the Program, Stuart Said.

“This Opt-Out Program Pilot Empowers Families to Build Wealth, Achieve Financial Goals and Ultimately Transition off Public Assistance. IT’S A Proven Pathway to Long-Term Success and A Journey Toward Dreams,” Said Mary Howard, Chief Administrative and Resident Services in A News, Said in A News, Said In Release.

One Goal of the Program is for Residents to Be ABLE to Handle Financial Emergencies or Unexpected Expensses with Ease.

“People Think of (Compass) As a Housing Organization, and They Think About This A Housing Issue. But Its Really Not,” Said Hermilo Hinojosa, Executive Director of Greenlight Fund Chicago. “IT’S’S REALLY ABOUT … THAT ECONOMIC FREEDOM THAT Residents in Public Housing really Need to get at and really experience, to be able to … get sturgery and fonder away from that poovety line.”