From the Chicago Housing Authority's press release:
Chicago Housing Authority residents who participated in the “LevelUp” wealth-building program received their certificates of completion and celebrated economic power Saturday at a ceremony at the Charles A. Hayes Family Investment Center.
CHA’s LevelUp provides financial incentives to participants as they reach their goals. Upon goal completion, specified amounts based on the goal are deposited into their LevelUp savings accounts. The savings are paid out within 60 days of program completion after participating 3-5 years.
The total payout among the 45 graduates Saturday was $296,262. Of that:
- 5 became homeowners
- 7 increased their credit score
- 3 transitioned off housing subsidy
- 1 obtained a master’s degree
- 2 obtained a bachelor’s degree
- 1 obtained an associate degree
- 8 completed a Training/Certificate/Certification Program
- All graduates maintained employment for at least 12 months
“We are proud of these 45 graduates who have sacrificed and saved as they embark on the realization of their dreams,” said CHA CEO Tracey Scott. “This program is about investing in yourself and building your personal power. We are proud of them for staying the course as CHA continues to lend its support to ensure participants of this program achieve their goals."
LevelUp participants receive monetary payouts for successfully completing milestones, such as earning a degree or starting a new career. The savings are set aside in an escrow account and the money accrued is disbursed at the time of successful completion of the five-year program. The money can then be used for whatever they choose, including down payments on homes or paying off debt.