Boston, MA – Yesterday evening at the Sasaki Foundation, Compass Working Capital (Compass) and the Boston Housing Authority (BHA) proudly celebrated the inaugural graduation of 62 families from the Department of Housing and Urban Development’s Family Self-Sufficiency (FSS) program. Designed to help residents of HUD-assisted housing build their financial futures, the program enables participants to save, invest, and chart a path to building wealth by attaining assets.

“I am excited to celebrate the extraordinary graduates of BHA and Compass’s Family Self-Sufficiency Program,” said Massachusetts Attorney General Andrea Joy Campbell. “As an Attorney General committed to advancing economic mobility and opportunity for all, I am grateful to Compass Working Capital and admire the program’s dedication to helping residents achieve financial stability, build wealth, and not just survive, but thrive.”

In 2019 before the start of the partnership with Compass Working Capital, BHA had 125 families in its FSS program, and ran the 47th largest FSS program in the US. Since 2019, BHA and Compass have enrolled over 1600 families in the FSS program and these families have earned more than $12M in escrow.

The 62 families in this graduating cohort have collectively built over $820,000 in escrow.

As part of the joint partnership between BHA and Compass Working Capital, BHA manages the program’s escrow and savings accounts, while Compass Working Capital helps residents with financial coaching.

“Tonight’s graduation powerfully illustrates that the Family Self-Sufficiency program is a true catalyst for economic mobility,” said Markita Morris-Louis, CEO of Compass Working Capital. “These graduates have shown extraordinary resolve—investing in themselves and reclaiming control of their financial destinies. We’re proud to deepen our partnership with the Boston Housing Authority as we work hand-in-hand to narrow the racial wealth gap.”

“The Family Self-Sufficiency program is a powerful reminder of the talent, determination, and potential our families bring every day,” said BHA Administrator Kenzie Bok. “Tonight, we celebrated 62 families who are making bold strides toward their personal and financial goals—whether it’s saving for a home, building credit, or preparing to return to school. We’re proud of the difference FSS is making, and deeply grateful for our partnership with Compass Working Capital in helping residents chart a path toward long-term stability and opportunity.”

The Family Self-Sufficiency (FSS) program—established by Congress under President George H.W. Bush and administered by the U.S. Department of Housing and Urban Development (HUD)—helps residents of HUD-owned housing build savings and financial security through job training, credit building, and financial coaching. As earnings increase, a portion of the participant’s rent is diverted into a dedicated escrow account, which can later be used for homeownership, education, debt repayment, or launching a business.
 
About Compass Working Capital
Compass Working Capital (“Compass”)’s mission is to partner with families with low incomes to build assets as a pathway out of poverty. To achieve our mission, we operate client-centered savings and financial coaching programs, deliver training and technical assistance to other practitioners, and shape policy solutions that dismantle barriers to asset building. Compass partners with affordable housing providers to run the Department of Housing and Urban Development’s Family Self-Sufficiency program, the nation’s largest asset-building program for families with low incomes. www.compassworkingcapital.org. To date, Compass has partnered with 6,000 families to build $27 million in savings through the FSS program since 2010.

About the Boston Housing Authority
Boston Housing Authority provides quality affordable housing for low-income families and individuals through the public housing and Section 8 rental assistance programs. BHA fosters vital communities that are essential to Boston’s economic diversity and way of life. As the largest housing provider in Boston, BHA brings stability, opportunity, and peace of mind not only to the thousands of low-income families it supports, but to the city as a whole. Learn more at www.bostonhousing.org.