FSS Escrow Account and Other Incentives

FSS participants will be eligible to build savings from the FSS escrow account. Key policies and procedures applicable to the FSS escrow account, as well as any additional incentives offered by the Housing Authority of South Bend, are described below.

1. Additional Incentives
   
   The Housing Authority of South Bend's FSS Program provides the following incentives to FSS participants in addition to the FSS Escrow account:
   
   
   • Support in Becoming Self-Sufficient 
   • Individual Case Management
   • Referrals to agencies that may assist with providing supportive services. As each participant is different; specialized workshops covering a variety of topics such as Financial Literacy, Homeownership Counseling, Mental and Physical Health, Community Resources, and Skill Development.
   • Homeownership Readiness
   • Monthly Resource Mailings
   • FSS Annual Celebration Event
   • The FSS Program Coordinator and a member of Executive Management must also approve the disbursement of funds. Escrow funds will be disbursed when one of the following occurs:
     
     
     • The FSS family completes the requirements of the contract of participation on or before the expiration of the contract, or
     • The FSS Coordinator will make a determination on a case-by-case basis for the early escrow release and the interim goals that must be completed prior to an early escrow disbursement. The FSS Program Coordinator and Housing Program Manager must also approve disbursement.
       
       
2. Interim Disbursements
   
   
   • The Housing Authority of South Bend will allow for interim disbursements subject to certain specified limitations:
     
     
   • Families may request an interim disbursement from the escrow account once the FSS family has fulfilled at least one interim goal to pay for specific goods or services that will help the family make progress toward achieving the goals in its Individual Training and Services Plan (ITSP). Requests may be made verbally or in writing by the Head of household. Requests may be made through the term of the Contract of Participation. Interim disbursements are limited to the following:
     
     
     • Down Payment and/or Closing Costs on a Home
     • Startup expenses for a business if the participant has provided documentation that the participant met with the small business administration (business requires small business administration approval) 
     • Deposit into an Individual Development Account Through Real Services
     • To pay for post-secondary educational costs for the participant to obtain satisfactory academic progress to be eligible to apply for financial aid for future post-secondary course work.
     • Credit Repair/Debt Reduction-Repay Debts Occurred Before FSS Enrollment.
     • Job Training Programs or Certificates
     • Uniforms, Clothing, or Shoes Needed for Employment or School
     • Vehicle Purchase for the Purpose of Transportation to Work/School/Childcare
     • Relates Directly to the Accomplishment of a Goal
       
       
   • Interim disbursements will be approved at the sole discretion of the HASB only under the following conditions:
     
     
     • The FSS participant must be accruing monthly escrow deposits. 
     • The FSS participant is limited to one interim disbursement during the term of their Contract of Participation.
     • The FSS participant is limited to no more than 33 percent of the family's escrow balance at the time of the request unless otherwise granted by the director or his designee.
     • The FSS participant must fulfill certain interim goals established in the Contract of Participation and provide documentation of completion of these interim goals as determined by the FSS Coordinator and administrative staff.
     • The FSS participant must demonstrate that they have exhausted all other resource options by providing documentation of all attempted resources from community agencies and service providers.
     • The FSS participant must be in compliance with applicable Housing Choice Voucher or Public Housing Program.
     • The FSS participant request must be made in writing and include verification that the funds are required for the completion of a goal under the family's Contract of Participation.
     • The FSS Coordinator and an administrative staff representative of the Housing Authority of South Bend will consider requests for interim disbursement in light of these policies and applicable federal requirements. The HASB will inform the family within 20 business days of the approval or disapproval of the interim disbursement request.  Upon determination from the HASB that the FSS participant meets all requirements and conditions, the interim escrow disbursement processing will occur (subject to HUD funding).