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FSS Escrow Funds Management
Family Self-Sufficiency (FSS) is a program administered by local housing authorities across the United States. This program is designed to aid families currently receiving housing assistance in becoming self-sufficient and achieving economic independence. The FSS program requires the establishment of an interest bearing escrow account for each program participant by the local housing authority. During the term of a program participant’s contract, which can be as long as five years, credits made to the participant’s escrow account accumulate, with the intent of interim disbursement to the participant for eligible withdrawals, or final disbursement upon successful program completion. In the event program completion does not occur, funds are returned to the public housing agency. AmeriNational’s FSS Escrow Funds Management service entails the following:
- AmeriNational will establish an individual FSS interest bearing escrow account for each program participant.
- AmeriNational will accept a monthly deposit from the Housing Authority for each participating FSS escrow account and provide a receipt and full accounting report to the Housing Authority each month showing all deposits, checks, and other transactions for each individual.
- AmeriNational can accept one single check from the Authority along with a supporting ledger (or check stub) and will deposit each program participant’s individual escrow amount in the proper account.
- AmeriNational will process and handle all FSS escrow accounts for the duration of respective participant contracts, or the maximum program requirement, whichever is longer.
- AmeriNational will issue disbursements from the FSS escrow accounts upon written request and approval from the Housing Authority to the FSS program participant or other payee as requested within 24-hours of the Housing Authority’s written request. Upon escrow close-out, AmeriNational will provide the Housing Authority with a final closing settlement report showing all escrow activity and the final disbursement payment after deduction of all fees (including the file maintenance and deposit fee and check issuance fee).
AmeriNational will create and provide to the Housing Authority at the end of each calendar year an individual annual report for each program participant that includes a balance and all activity including deposits, withdrawals, fees and interest. These reports will be sent to the Housing Authority by January 31st of each year. |
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