WEST CHESTER, PA — Eight Chester County families received more than $132,000 in accumulated savings through a federal housing assistance program on Monday, Nov. 2, providing funds they can use for home purchases, education and other financial goals after completing a program designed to increase economic self-sufficiency.
The Housing Authority of the County of Chester (HACC) distributed the money during a graduation ceremony at the Milestone Events Center in West Chester, recognizing participants who completed the U.S. Department of Housing and Urban Development’s Family Self-Sufficiency (FSS) program.
The payments came from individual escrow accounts established through the program, which allows families receiving housing assistance to accumulate savings as their employment earnings increase.
Under the FSS structure, when a participant’s earned income rises and their required rent contribution increases, the housing authority deposits an amount corresponding to that rent increase into an interest-bearing escrow account.
Participants who complete their individualized program goals receive the accumulated funds upon graduation, without restrictions on how the money can be spent.
The arrangement allows households to build financial assets while working toward greater independence from housing assistance.
HACC Executive Director Paul Diggs, along with Brenda Gomez and Owen Duncan, presented the eight graduates with their escrow checks during the ceremony.
“This graduation is proof that when provided with the right tools, mentorship, and opportunities, families in our community can achieve sustainable, long-term financial independence,” Diggs stated.
The program combines financial coaching and individualized case management with incentives for participants to increase their earnings and improve their financial standing.
Families work with case managers to reduce debt, improve credit scores, develop career plans and pursue goals that can include purchasing a home.
The initiative also provides a potential pathway into HACC’s Housing Choice Voucher Homeownership Program, which helps eligible families move toward homeownership.
For the eight graduates, the combined escrow payments exceed $132,000, representing an average of more than $16,500 per household, although individual distributions may vary.
The housing authority identified home down payments, educational expenses and small business capital as potential uses for the money.
The graduation reflects the asset-building component of the federal FSS program, which is intended to help households receiving housing assistance strengthen their finances through employment, savings and long-term planning.
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