SET TO SOAR

In simple terms, LAUNCH PAD is a savings program. The program offsets increases in the cost of accommodation experienced by residents (as a result of a reduction in subsidies) with deposits of equal value into high yield savings accounts held on behalf of participating residents.  

Residents are projected to save around $5000 during the course of the Launch Pad program.

Subsidies are used to help residents find their feet and soften the transition to adulthood and the financial responsibilities that come with it. However, initial subsidies result in residents paying well below affordable housing’s 30% of AMI standard.

To promote autonomy and self-reliance, it is important that PERIS Hill modestly and incrementally reduces subsidies - preparing residents for future housing realities, not shielding them from them.

• You are a tenant living in a studio with a renewal in January of 2026.

• Your current rent is $367 per month.

• At lease turn, your rent increases to $391.

• The program will match that subsidy decrease and you will get that back in savings.

• Each quarter, the amount you pay increases by $24, but the amount you save also increases and is placed in an interest bearing savings account.

• If you stay in the program for the full three years, you will have saved roughly $5,600. With the savings deposited in an account earning 3% per year, the total will end up being closer to $5,900. Interest percentages will vary.

Click here to SEE IT BY THE NUMBERS

Both existing and new residents have the opportunity to join LAUNCH PAD. Participation in the program (while not compulsory) is strongly encouraged. Extenuating circumstances will be taken into account when considering permanent or temporary participation. Some residents receiving additional subsidies or government support will not be able to participate.

Both current and future residents can take advantage of the LAUNCH PAD program.

The PERIS Foundation will open a high yield savings account at Minnesota’s Riverland Bank for each participant in the program. All deposits made on behalf of participants, will go into their corresponding LAUNCH PAD accounts. Participants will be able to view their accounts but will not gain ownership of or access to the funds until the completion of the LAUNCH PAD program term.  

Participants will be able to watch their savings grow throughout the program.

LAUNCH PAD is designed to run in parallel with residents’ lease terms. Therefore the minimum program term is one year. The maximum program term is three years. If the resident leaves the Program (or PERIS Hill) within the first year, any funds held in their LAUNCH PAD account will be forfeited and returned to the LAUNCH PAD operating fund.

LAUNCH PAD is designed to run between one and three years.

LAUNCH PAD participants can opt into larger increases in their accommodation costs (or conversely more substantial reductions in their subsidy) up to the 30% AMI standard to take greater opportunity of the matched savings benefit. This will not only increase the total amount of money deposited into their LAUNCH PAD account, but will also result in increased earned interest.

By choosing to reduce subsidies more dramatically, participants can save more.

Residents will be able to view their account and watch their savings grow but will not have access to the funds during the program. At the completion of the program, residents will gain full access and ownership of their Launch Pad account and the funds within it. At that time they can choose to withdraw, maintain, or add to the funds at their discretion.

Residents can watch their savings grow and get full access to the funds at program conclusion.

Residents are strongly encouraged to participate. However, there are extenuating circumstances that may make it difficult. PERIS will always work with residents to ensure they are receiving the support they need to keep moving forward and hopefully regain the stability to participate fully in LAUNCH PAD.

Unfortunately, residents paying less than the base PERIS Hill accommodation cost of 15% of AMI are unable to participate. Residents in this situation are encouraged to talk with staff about alternate programs that may apply.

If in any month a resident is unable to pay rent, or uses rent assistance from the YMCA, PERIS Foundation, or other source, the LAUNCH PAD deposit match will be paused and will resume when rent is paid independently again.

The LAUNCH PAD program will pause to accommodate changes as necessary.

1. Available to current and new PERIS Hill residents in 2026.

2. Increases in cost of accommodation due to reductions in subsidies, offset with equal deposits into high-yield savings accounts on behalf of residents.

3. Participation is optional, but highly recommended.

4. The program term is between one and three years.

5. Potential savings over the full three-year term of up to $5000.

6. Residents can choose to reduce subsidies more dramatically to maximise their savings and interest potential.

7. Residents paying less than 15% AMI are ineligible.

1. Starting in January of 2026, residents will get their rent increase letters indicating rents at the 30% allowable rent rate and the amount of their continued subsidy, creating their new cost of accommodation.

2. Young people will continue to receive the subsidy, which will decrease gradually every quarter as indicated in the charts above.

3. PERIS Hill staff meet with each resident to review their individual rent, subsidy, and savings projections.

4. Residents will have the option to enter the program at that time and to choose their subsidy reduction amount up to the 30% rent max.

5. When their account is opened, young people will be given a view only login, so they can watch their savings and interest grow.

6. PERIS Hill is working on a financial education curriculum which will include Launch Pad as a tool for learning about wealth building, savings, and interest.