CSL has made a major commitment to bringing "asset and wealth development" into the conversation about helping low-income families break the cycle of poverty. Too many of our neighbors just can't get ahead. Until families can develop assets and wealth, it's hard to move up the economic ladder.
Unfortunately, there are not a lot of ways for low-income families to develop wealth and assets. They often don't have jobs with employers that offer retirement accounts with matching incentives. The wages earned at those jobs aren't enough to meet a family's current obligations, let alone get ahead.
Enter the FSS Program. The U.S. Department of Housing & Urban Development (HUD) started FSS, the Family Self-Sufficiency Program in 1990. The program encourages residents of HUD-subsidized public housing to work more, earn more, and save more. Here's how it works:
1) Families in HUD-subsidized housing pay 30% of their income in rent
2) Normally, if a family earns more, then they pay more. This model be...