Opinion: Helping renters build assets and move out of poverty by scaling HUD’s best kept secret
“It’s been well documented that assets such as cash savings or real estate are essential to economic mobility. They provide a cushion in emergencies and allow people to become homeowners, start businesses, and pursue advanced education. Yet one in four families with low-incomes do not have the assets needed to cover even three months of basic living expenses without income. For these families, the opportunity to build assets is out of reach, as anti-poverty programs often discourage or penalize savings—a symptom of the systemic and historic barriers that have long prevented Black, Latino or Hispanic, and multi-racial families from building wealth. However, there’s an underutilized federal program with tremendous potential to change this for millions of families: the Department of Housing and Urban Development’s (HUD) Family Self-Sufficiency (FSS) program.”