Next Level Savings Program FAQs

  1. Can I join the Next Level Savings Program if I am on the HCV waiting list?
    No. You must be a current HCV (Section 8) participant to join the Next Level Savings Program.

  2. Do I have to save my own money in the managed savings account?
    No. You do not have to save your money in the managed savings account. The money that is saved in the managed savings account comes directly from HUD, not your personal earnings/income.

  3. Will I lose my savings if I do not complete the program in five years?
    If you need more time to reach your goals, you may request up to a 2 year extension. If that extension is granted, you will not lose your savings. If your goals are still not met after the extension period, then your savings will be forfeited.

  4. Where does the savings go if I forfeit them?
    They return to HUD to be used for housing assistance payments.

  5. How do you determine the amount of money HUD puts in my managed savings account?
    Once you began to earn and/or increase your income, your percentage of your rent payments will increase. We base the amount to be added to the managed savings account from calculations based on your increase in earnings. 

  6. How often do you add money to the managed savings account?
    Money is deposited monthly into your account as long as you continue to earn and/or increase your income.

  7. If I do not graduate from Next Level Savings Program, can I re-enroll at a later time?
    Yes, as long as you are a current HCV (Section 8) participant.

  8. If I successfully graduate from Next Level Savings Program and collect my savings, can I re-enroll at a later time?
    No. If you successfully graduate you will not be eligible for re-enrollment.

  9. What is the role of my FSS Coordinator in helping me reach my goals?
    LaMetra will provide intense case management for you. She will connect you with resources in the community to help you reach your goals and overcome barriers or obstacles. She will be your personal cheerleader, motivator, encourager, and one-on-one coach, and will help keep you accountable. LaMetra will also provide you with regular managed savings account updates.

  10. If needed, can I use money from my managed savings account prior to graduation for emergencies?
    Yes, depending on the type of emergency you are facing. Interim disbursements of savings are possible if the need is directly connected to your Next Level Savings Program goals. They cannot be used for any needs that are not directly related to the goals listed on your Individual Training and Service Plan. NOTE: Interim Disbursements are left to the discretion of the FSS Coordinator/program policies.

  11. How can I spend my savings after I graduate Next Level Savings Program?
    That is completely up to you! After graduation, there are no restrictions on how the money collected from your managed savings account can be used. 

  12. Is the money saved in the managed savings account considered income?
    No. The money in the managed savings account is not considered income while in the account nor is it considered income when collected after graduation.