Scholarship Alert: PHA Cash 4 Success

Posted on February 1, 2018
Tags: , ,
Categories: Focus on FACE, Upcoming Events and Opportunities
Philadelphia Housing Authority LogoThe 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,
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
    training to become entrepreneurs or other business capitalization activities
  • 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