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HUD Announces nearly $130 million to Empower HUD-Assisted Families Towards Financial Stability and Savings

February 15, 2024

rincipal Deputy Assistant Secretary Richard Monocchio

Today, the U.S. Department of Housing and Urban Development (HUD) announced over $128 million to 835 Public Housing Agencies (PHAs) and Project Based Rental Assistance (PBRA) owners for the 2023 Renewal and New Family Self Sufficiency (FSS) Program grants. HUD’s Principal Deputy Assistant Secretary for Public and Indian Housing, Richard Monocchio, made the announcement in Chicago, highlighting HUD and the Biden-Harris Administration’s continued efforts to support families by providing financial resources to achieve economic independence.

"Financial literacy, job training and educational opportunities are some of the resources the FSS program connects HUD-assisted families to so that they have the chance to find employment and build assets,” said HUD Secretary Marcia L. Fudge. "HUD remains committed to working with our local partners to empower residents and promote economic justice for all Americans.”

The FSS program is a voluntary initiative offered to families in HUD-assisted housing. Participants receive coaching, referrals to services, and establish a family escrow savings account. FSS Program Coordinators provide coaching and develop local strategies to connect participating families with public and private resources. These resources aim to increase their earned income and financial empowerment, reduce or eliminate the need for welfare assistance, and facilitate progress toward economic independence and self-sufficiency.

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Image: HUD  Principal Deputy Assistant Secretary Richard Monocchio making funding accouncement at POAH's Woodlawn Resource Center in Chicago.