Your Path to Financial Independence
The GFHA’s Launch program gives motivated households the ability to build savings for their family while working toward income, education, and budgeting goals.
The program is available to Section 8 Housing Choice Voucher participants who are committed to improving their financial situation by establishing and achieving income and educational goals over the next 5 years.
In addition to helping households create their own path to financial independence, Launch is a Section 8 Family Self-Sufficiency program, which provides an additional financial incentive to participating households. When a household’s income increases, their housing assistance is decreased, requiring the family to pay more toward monthly housing costs. Through HUD’s Family Self-Sufficiency program, Launch matches this increase and puts the money to work in an escrow savings account for the family.
What does this mean for participants?
Section 8 Housing Choice Voucher participants pay 30% of their gross monthly income toward their portion of rent and utilities. For example, if a participating household’s monthly income increases by $1,000, their portion of housing costs will increase by $300/month. If this household is signed up for Launch before the increase occurs, a savings account will be created in their name and $300 will be deposited each month by the Launch program. If the household’s income increases again, the monthly Launch deposit will match the increase in housing payment. As long as participants remain in compliance with the Housing Choice Voucher program and achieve their Launch goals within 5 years, all funds in the account will be given to the household upon program completion. Some families have graduated the program with over $18,000, allowing them to pay off debt or even purchase homes.
Launch truly can be your path to financial independence. Get started today.
The program is available to Section 8 Housing Choice Voucher participants who are committed to improving their financial situation by establishing and achieving income and educational goals over the next 5 years.
In addition to helping households create their own path to financial independence, Launch is a Section 8 Family Self-Sufficiency program, which provides an additional financial incentive to participating households. When a household’s income increases, their housing assistance is decreased, requiring the family to pay more toward monthly housing costs. Through HUD’s Family Self-Sufficiency program, Launch matches this increase and puts the money to work in an escrow savings account for the family.
What does this mean for participants?
Section 8 Housing Choice Voucher participants pay 30% of their gross monthly income toward their portion of rent and utilities. For example, if a participating household’s monthly income increases by $1,000, their portion of housing costs will increase by $300/month. If this household is signed up for Launch before the increase occurs, a savings account will be created in their name and $300 will be deposited each month by the Launch program. If the household’s income increases again, the monthly Launch deposit will match the increase in housing payment. As long as participants remain in compliance with the Housing Choice Voucher program and achieve their Launch goals within 5 years, all funds in the account will be given to the household upon program completion. Some families have graduated the program with over $18,000, allowing them to pay off debt or even purchase homes.
Launch truly can be your path to financial independence. Get started today.