Scholarship Alert: PHA Cash 4 Success
The Philadelphia Housing Authority (PHA) is pleased to announce the launch of Cash 4 Success, a new program that will match the savings of participants who want to buy a home, pursue higher education, and/or become entrepreneurs.
Eligible Activities
Funds can be used for:
Homeownership: Closing costs, left over dollars can be applied to the principal at the settlement table
Higher Education: Tuition, books, fees, supplies and specialized equipment necessary for course of study (professional, business, trade or college)
Entrepreneurship: Start-up cost in opening or expanding a business, assists with purchase of equipment, office supplies, training to become entrepreneurs or other business capitalization activities
Eligibility Requirements
To qualify, you must be:
A Philadelphia Housing Authority (PHA) resident, which include public housing, Scattered Sites, HCV and PAPMC residents
PHA residents must be in good standing
Currently employed
Able to save for a minimum of 6 months
TANF
Received EITC
Income eligible (see chart below) and have net worth less than $10,000 excluding 1 home and 1 vehicle
Cash 4 Success Program Enrollment Checklist
Attend a mandatory intake/orientation session
Fill out an application
Attend a mandatory one on one session
Bring all required documentation
Sign Cash 4 Success Participant Savings Agreement
Open up a Custodial Account (with PHA as Trustee) at the PFCU or PNC Bank
Make deposits into Custodial Account and save for minimum 6 months (including EITC rebates)
Make lump sum deposit from earned income if applicable
Complete financial education or pre-purchase counseling or entrepreneur training
Must buy a home, or enroll in school or start/expand your business within the next two (2) years.
Bring these Required Documents with you to the Mandatory Orientation or One-on-One Session:
2013/2014 income tax returns (including business taxes if applicable)
Last 2 pay stubs for all employed members of the household
Transcript/Admissions/Acceptance letter or verification of enrollment (for Education Program)
Financial aid letter (for Education Program)
Entrepreneurship Certification or Approved Business Plan
FIRST COME, FIRST SERVED.
