CMHA's Family Self-Sufficiency (FSS) program promotes financial literacy toward homeownership through several key strategies:
- Educational Workshops: FSS offers workshops on budgeting, saving, credit management, and homebuying. These sessions equip participants with the knowledge needed to make informed financial decisions.
- Savings Incentives: The program often includes savings/escrow accounts, where CMHA helps participants save for a down payment. This incentivizes saving and reinforces the importance of financial planning.
- Resources and Referrals: FSS connects participants with community resources, including financial institutions, housing counseling agencies, and homebuyer assistance programs.
- Skill Development: Beyond financial literacy, FSS helps participants build skills in areas like employment readiness, which can lead to higher income and improved financial stability.
- Access to Information: The program provides participants with information on the homebuying process, including understanding mortgages, closing costs, and home maintenance.
Overall, CMHA's FSS program fosters a holistic approach to financial literacy, empowering individuals and families to work toward sustainable homeownership.