2015 • 3 years • Housing
Compass Working Capital (Compass) provides incentive-based savings and financial coaching programs to empower low-income families to build assets, achieve financial goals, and become financially secure. In addition, Compass has applied its asset-building services to the Family Self-Sufficiency (FSS) program through partnerships with Massachusetts public housing authorities and emerged as a leader in effective FSS implementation. The U.S. Department of Housing and Urban Development (HUD) has contracted with Abt Associates to create a community of practice of leading FSS program providers from across the country, including Compass. The knowledge gained through this community of practice will be shared with FSS practitioners nationwide to help them strengthen their programs and achieve the program's earnings, assets, and financial capability goals more effectively. Since HUD has not allowed for funds to be used for travel and participation in any in-person meetings, this grant allows Compass to serve as a convening partner for the HUD-funded community of practice and ensure that the community can come together regularly during its engagement. In addition, grant funds support a second set of complementary activities intended to expand the use of partnerships between nonprofit asset building organizations and housing providers authorized to administer FSS, including public housing authorities and owners of project-based rental assistance properties.