Earlier today, HUD published Notice PIH 2022-11 which states the process by which PHAs may apply to participate in the fourth cohort of the Moving to Work (MTW) Program. The notice is titled “Request for Applications under the Moving to Work Demonstration Program: Asset Building Cohort.” MTW allows PHAs additional flexibilities to customize and implement innovative solutions that best serve the needs of a PHA’s community. Applications for this cohort are due on July 28, 2022.
In addition to providing full MTW flexibilities to chosen PHAs, this cohort will also seek to answer research questions related to “Asset Building Initiatives.” The Department seeks to find PHAs to fill 30 remaining slots available in the MTW expansion. Selected housing agencies will participate in one of three asset building initiatives, which encourage the growth of savings accounts or aim to build credit for assisted households. The asset building initiatives are the following:
- Opt-Out Savings Account Option – PHAs must deposit a certain amount of funds per month into an escrow account on behalf of an assisted household.
- Credit Building Option – PHAs must report public housing rent payments to credit bureaus.
- PHA-Designed Asset Building Option – PHAs must design their own local asset building program.
HUD will conduct an informational webinar on May 24, 2022 at 2 pm ET. The Department will discuss the notice and an MTW agency will share its experience with asset building initiatives.
To join the webinar, at the appointed time, click here. To access the webinar by phone, dial 888-251-2949 or 215-861-0694 and use the access code 3334803# at the designated time.
NAHRO members will receive additional information on this notice in the near future.