Family Self-Sufficiency Savings Account
How Does the Family Self-Sufficiency Savings Account Work?
Section 8 families pay 30 percent of their income toward rent. As a family’s income rises, so does its share of the rent. However, if a family participates in the Family Self-Sufficiency (FSS) program, NYCHA saves a portion of the increased rent in an escrow savings account and continues to save that money on behalf of the Section 8 voucher-holder each month. If income continues to increase, the rent payment increases as well and so does the monthly savings deposit. To see how the escrow account works, see the below example:
| AT CONTRACT SIGNING | |
| Rent to landlord: | $900 |
| NYCHA’s share of the rent: | $700 |
| Tenant’s share of the rent: | $200 |
| AFTER INCREASE IN EARNED INCOME | |
| Rent to landlord: | $900 |
| NYCHA’s share of the rent: | $500 |
| Tenant’s share of the rent: | $400 |
| Amount deposited in tenant’s escrow account: | $200 |
| Amount saved in one year: (200×12): | $2,400 |
| Amount Saved in 5 Years (2,400 X 5 Years): | $12,000 |
In this example, the family saves $12,000 over five years. However, some families earn substantially less or more depending on their individual situation. Contact REES at 718 289-8100 to learn more about the Family Self-Sufficiency program.
