Massachusetts Boosts Compass Working Capital's Work to Expand Family Self-Sufficiency Program in Newly Signed Budget
In a powerful demonstration of the state’s continued commitment to fostering economic growth through lifting historically underserved communities, the Commonwealth of Massachusetts has provided a substantial increase in funding for Compass Working Capital and the Family Self-Sufficiency (FSS) program in this year’s budget. The organization's budget has been elevated to an impressive $175,000 in the current fiscal year, which will help to boost Compass’ work on FSS in Greater Boston.
Compass Working Capital (Compass), a national nonprofit headquartered in Boston, works to break the cycle of intergenerational poverty by partnering with families with low incomes to acquire assets to achieve their financial goals. Through its administration of the U.S. Department of Housing and Urban Development's Family Self-Sufficiency program, the nation’s largest asset-building program for families with low incomes, Compass supports families to increase their earning potential, build savings and secure a brighter future for themselves and their children.
The injection of additional funds from the Massachusetts budget underscores the commonwealth’s recognition of Compass Working Capital's impactful contributions to the Boston-area. "We are incredibly grateful for the trust and support that the Governor and the Massachusetts legislature have shown in our work, particularly Senator Mike Rush and Representative Chynah Tyler," said Markita Morris-Louis, Chief Executive Officer of Compass Working Capital. "This increased funding will enable us to expand our reach to narrow the pervasive wealth gap that continues to hold back Black and Latino families with low incomes. By investing in its residents, Massachusetts is taking a decisive step toward building a more prosperous and equitable future for all.”
“I am proud to have secured funding to support Compass Working Capital in collaboration with House sponsor Representative Chynah Tyler and our fellow legislators,” said Senator Mike Rush, who represents the Norfolk and Suffolk Senate District. “This funding will help Compass to empower families in our district and beyond to achieve financial stability.”
"I was very grateful to file a budget amendment on behalf of Compass,” said Representative Chynah Tyler, who represents the 7th Suffolk District in the House. “The work they do in helping families in my district and throughout the Commonwealth of Massachusetts achieve their financial goals is amazing."
The increased funding will enable Compass Working Capital to enhance its existing programming in Greater Boston, develop new initiatives, and collaborate with local partners to create a comprehensive ecosystem of support for families in need. By addressing both short-term financial challenges and long-term financial goals, the organization is poised to make a lasting difference in the lives of countless individuals and communities.