CHICAGO — A new program in Chicago is aiming to turn rent into savings for public housing residents — and help them build financial independence over time.
Backed by a collaboration between the Chicago Housing Authority (CHA), Compass Working Capital, and GreenLight Fund Chicago, the initiative targets 1,000 CHA residents as part of a pilot that blends federal assistance with financial coaching.
How The Program Works
The pilot leverages the Family Self-Sufficiency (FSS) program, a U.S. Department of Housing and Urban Development initiative dating back to 1990. It allows housing providers to place increased rental contributions (due to increased income) into dedicated savings accounts for participating families.
“When recipients earn more income, their rent goes up — and they often feel like they’re falling behind,” said Jimmy Stuart of Compass Working Capital, which will manage coaching and operations.
Through personalized financial coaching, residents can manage debt, grow savings, and plan for long-term goals like homeownership, education, or emergency preparedness.
Why Chicago Residents Are Being Targeted Now
Although the federal FSS program has been around for years, many families have never enrolled due to complex rules and low awareness. In this new version, CHA is making the program “opt-out” instead of opt-in — so residents are automatically enrolled unless they decline.
“This empowers families to build wealth, achieve goals, and eventually move off public assistance,” said CHA’s Mary Howard.
The program is especially focused on addressing systemic barriers and racial wealth gaps.
Success Stories From Other Cities
In other states, Compass has helped participating families save an average of $8,500 over five years. One such success story is Laura Rosa, a Boston mother who joined in 2021 and has since saved over $45,000.
She now works for Compass and calls the program “undervalued” — particularly in communities where financial literacy is rarely discussed.
“Nobody ever taught me about money growing up. It wasn’t something we talked about at home,” Rosa said.
Next Steps for the Chicago Rollout
Compass and CHA are now onboarding eligible families. The goal is to create a long-term support system where public housing is a launchpad — not a limit.
“It’s not just about housing,” said Hermilo Hinojosa of GreenLight Fund Chicago. “It’s about economic freedom and moving further away from the poverty line.”
Is Public Housing a Pathway or a Trap?
Do you think rent-based savings programs like this one can help close the wealth gap? Share your thoughts with us at ChicagoSuburbanFamily.com.
