The MySavings Income Savings Plan (ISP) Program helps single adults living in a homeless shelter build savings and use it to move out of shelter and achieve self-sufficiency.
You are required to participate in MySavings ISP if you:
- Are a single adult
- Live in a homeless shelter
- Earn more than $488 in employment income per month (gross income before taxes and deductions)
- Have a verified Social Security Number
If the Department of Homeless Services (DHS) determines that you are required to participate in the program, shelter staff will give you an enrollment notice that will show your estimated required savings amount.
After you are enrolled, you must make monthly deposits into a savings account maintained for you by the Department of Social Services (DSS). In general, your monthly savings will be 30% of your gross employment income. The savings will be released to you after you exit shelter.
If you have any questions about eligibility or program requirements, speak with your case manager. They will work with you to budget, save, and prepare for your monthly deposits. They can also connect you financial counseling if you’re interested.