New Pilot Program by Compass Working Capital Boosts Asset-Building for Low-Income Families

Celebrating New Opportunities for Families

Compass Working Capital, a key player in combating asset poverty among low-income families in the United States, proudly marks a significant milestone with the recent passage of the Helping More Families Save Act. This legislation forms part of the broader 21st Century ROAD to Housing Act, which aims to comprehensively address the pressing housing crisis facing many American families today.

The Helping More Families Save Act

The newly established Helping More Families Save Act introduces a pilot program that enhances the Family Self-Sufficiency (FSS) Program. This initiative is the central asset-building strategy for families receiving assistance from the U.S. Department of Housing and Urban Development (HUD). The enhanced FSS Program aims to support participants in building savings and achieving long-term financial independence.

Markita Morris-Louis, the CEO of Compass Working Capital, expressed her excitement regarding the legislation, noting, "The passage of the Helping More Families Save Act reaffirms the notion that housing support can and must foster economic security for American families." She emphasized that the program has a proven track record of empowering families when investment is directed towards their stability and growth.

A Pathway to Economic Mobility

Several lawmakers have voiced strong support for the Family Self-Sufficiency Program, highlighting its innovative approach towards balancing support without stifling economic progress. Representative William Timmons (R-S.C.) remarked on the program's capacity to encourage work and ensure that families can advance financially without the fear of losing their benefits. He pointed out that this pilot program alters the narrative from creating barriers to economic mobility to providing pathways toward independence and success.

A Legacy of Support

Since its inception in 2010, Compass Working Capital has formed essential partnerships with housing authorities and affordable housing providers to deliver the Family Self-Sufficiency Program. With a wealth of experience administering this program, Compass has become a national leader in creating asset-building opportunities for vulnerable families. Now, with the Helping More Families Save Act, they plan to expand these initiatives and offer support to thousands more families who need it most.

The dedication of bipartisan lawmakers, including Senators Katie Britt (R-Ala.) and Jack Reed (D-R.I.) as well as Representatives Ritchie Torres (D-N.Y.) and Maxine Waters (D-Calif.), has been pivotal in the realization of this legislation. Their commitment to the cause demonstrates a unified effort to create meaningful change in housing support systems across the nation.

Conclusion

With the enactment of the Helping More Families Save Act, Compass Working Capital is poised to launch a new chapter in the fight against asset poverty. This pilot program, refined through years of advocacy and experience, is set to create opportunities that can change the financial landscape for many families in America. Collectively, Compass and its partners will work to ensure that countless families can achieve financial stability and sustainable growth in the years to come.