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)

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 savings amount.

After you are enrolled, you must make monthly deposits into a savings account maintained for you by DHS. 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.

A month after you enroll and every month after that, you will get a MySavings Statement.

It will show:

  • How much you are required to save
  • Your previous savings balance
  • Total savings in your account

The savings amount will be generally be 30% of your gross monthly income (income before taxes and deductions are taken out). It’s calculated based on the number of days you were in shelter in the month.

Because your savings amount is based on the income you have reported, it’s very important to tell your case manager about any changes to employment, income, and provide documentation.

Incorrect Statements

If you think there was an error, the amount is wrong, or the deposit you made isn’t showing on your statement, you should review it with your case manager. They will provide you with a request for review form and help you understand and complete it.

Unless you already have a savings account, you must mail a check or money order with your monthly balance to the Department of Social Services (DSS). Your case manager will give you a pre-addressed, pre-paid envelope. Cash is not accepted.

DSS will deposit the money for you in a Bank of America savings account. You can’t deposit funds directly with the bank or give your deposit to your case manager or shelter.

If you already have a savings account, ask your case manager for information on how to use it to participate in the program.

Missed Deposits

If you miss a savings deposit or can’t save the full amount, the next month’s savings amount will increase by the amount you missed and will increase every month until you catch up.

If you’re having difficulty saving the required amount each month because of significant ongoing expenses, you can request an adjustment. You can also request a one-time good cause adjustment to reduce the total amount due.

You can request an income adjustment to your required savings because of significant, ongoing expenses, such as student loan payments, child support, or medical bills.

You can also request a one-time adjustment of your account balance due to good cause.

Your case manager can provide you the adjustment request form. You’ll need to explain why you need an adjustment and provide supporting documents.

You will receive your savings 30 to 45 days after leaving the shelter. The check will be mailed to the address indicated when you enrolled. You can’t withdraw funds directly from the bank.

If the Department of Homeless Services doesn’t have an address on file for you and you leave shelter for more than 30 days, they will hold your check and you will have to arrange pickup.

Early Release

Your savings are usually released only after you leave shelter for more than 30 days. If you need your savings earlier to help you move out or meet another expense, you can request an early savings release.

Your case manager will provide you with a form. You must provide supporting documents and explain why you need your money before exiting shelter.