Our FSS Program featured on Latinos TV.
About the Compass FSS Program
In September 2010, Compass launched an asset building model for the Family Self-Sufficiency (FSS) program, an employment and savings program for families who live in federally subsidized housing. Building on proven asset development strategies, the Compass FSS program seeks to promote economic security for participating families and, more broadly, to expand the impact of FSS in Massachusetts and beyond.
The Compass FSS program is offered through a unique partnership with Lynn Housing Authority and Neighborhood Development (LHAND).
Model
Compass seeks to align FSS with key asset development strategies. Key program features are summarized below:
Outreach. Our fundamental belief is that effective outreach strategies for FSS must tap into, and build upon, families’ deeply held aspirations for themselves and their families. Through our marketing materials and orientation sessions, we frame FSS as a powerful opportunity to pursue dreams and goals, such as owning a home, obtaining a college degree, starting a business, saving for children’s education, or becoming debt-free. Compass also hired a dedicated outreach specialist, a graduate of a Compass savings program.
Financial education workshops. Participants must complete three financial education workshops as a prerequisite to FSS enrollment. Workshops provide a “motivation” screen for interested participants and help to establish financial skills, confidence, aspirations, and practices that are predictive of future financial well being.
Financial coaching. Participants receive ongoing, customized financial coaching to help them reach benchmark targets in five core areas: income and employment; credit and debt; savings; utilization of quality financial services, and asset development.
Asset development. Our model focuses on optimizing escrow funds, notably through the strategic use of interim disbursements, toward asset development goals, including postsecondary education, small business development, homeownership, and credit repair.
Growth Plan
Compass launched its first FSS program in Lynn, MA through a unique collaboration with Lynn Housing Authority and Neighborhood Development (LHAND). LHAND has a strong focus on economic mobility for housing residents and has provided Compass with autonomy and flexibility to operate an asset building FSS model. Our goal is to enroll 200 families in Lynn and, in FY12, to expand to a second community.
Investors
Strategic Grant Partners (SGP), our lead investor and thought partner, provided a multi-year grant to support the design, implementation, and evaluation of the Compass FSS program.
Compass also received a multi-year grant from Social Venture Partners (SVP) Boston to support the FSS program. In addition to its financial investment in Compass, SVP provides pro-bono consulting and technical assistance to support program operations and organizational development.
Research and Evaluation Partner
The Institute on Assets and Social Policy at Brandeis University is working with Compass to develop and implement a process evaluation, an outcome evaluation, and a preliminary cost benefit analysis for the Compass FSS program. Notably, with a focus on the Compass FSS program’s impact on public expenditures, data collection for the cost-benefit analysis will be set in place at baseline. Rigorous and thorough baseline data for participants is required to support a longer term, more robust cost-benefit analysis.
For more information, please contact Sherry Riva, Executive Director at 617-790-0810.