SET TO SOAR

Transitioning out of foster care comes with multiple challenges. Finding housing stability, employment, mental health support, and community to name a few. PERIS Hill was created not to shield residents from the reality of adulthood and independence, but to provide the safety, security, and tools they need to thrive, despite the challenges. 

LAUNCH PAD is an innovative wealth-building tool PERIS Hill is excited to offer residents in 2026.

In simple terms, LAUNCH PAD is a savings program, where increases in the cost of accommodation experienced by a resident during the program term (as a result of a reduction in subsidies) are offset by deposits of equal value into a high yield savings account in that resident’s name.

EG:

PERIS Hill resident begins residency with significant subsidies.

After three months subsidies are reduced and as a result the resident’s cost of accommodation increases by $20/month.

To offset the increase, PERIS deposits $20 a month into a savings account in the resident’s name.

After another three months, subsidies are again reduced, costs of accommodation increase another $20/month, and now $40/month is deposited into the resident’s savings account.

This cycle continues every three months until the program concludes.

Over the full three-year program, it is projected the resident will save between $4,000 and $5,000.

At the conclusion of the program term, the resident gets full access to the deposited funds, and any interest earned.

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. Maintaining the subsidies at these levels may seem like a positive, however, doing so would fail to prepare residents for future rental obligations. More importantly, it wouldn’t allow residents to develop the tools and skills required to budget for them.

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

Both existing and new residents have the opportunity to join the program. Participation in the program (while not compulsory) is strongly encouraged. Extenuating circumstances will be taken into account when considering permanent or temporary exclusion. Some residents receiving additional subsidies or government support will not be able to participate.  (see pages/sections 11 & 12 for more information).

Every Launch Pad participant will have a high yield savings account opened in their name at Minnesota’s Riverland Bank. All deposits made on behalf of participants, will go into their corresponding Launch Pad accounts.

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.

Over an entire three-year Launch Pad term, it is estimated that residents will save between $4000 - $5000, plus any interest earned on the deposited funds.

Here is a breakdown of how those savings may grow over the program term:

This is the chart

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

During the Launch Pad program term, residents will not have ownership access to their account, though they will have view access to watch their balance increase and interest accrue. At the completion of the program, residents will gain full access. At that time they can choose to withdraw the funds to support critical next steps such as rental deposits or moving expenses, maintain the funds, or add to them at their own discretion.

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 in Launch Pad. Residents in this situation are encouraged to consider the Family Self Sufficiency Program  (FSS) as an alternative resource.

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.

If a resident has the stability and capacity to participate in Launch Pad but chooses not to for personal reasons, that resident will be choosing to take on the full subsidy decrease at lease renewal - a $60-80 per month increase in the cost of accommodation. For this reason alone, participation is highly recommended.

1. Wealth-building tool available to current and new PERIS Hill residents launching in 2026.

2. Increases in cost of accommodation due to reductions in subsidies, will be offset with an equal deposit into a high-yield savings account in the resident’s name.

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 between $4000-$5000, plus interest.

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.