[CircleUp] CDFI Fund News: CDFI Fund Launches New Financial Education Program to Educate and Assist Prospective Homebuyers

[Info]

<http://www.cdfifund.gov/news_events/CDFI-2009-56-CDFI-Fund-Launches-New-Fin
ancial-Education-Program.asp> FEC Pilot Program Launched 
October 13, 2009 
[CDFI-2009-56] 

 

  

CDFI Fund Launches New Financial Education Program to Educate and Assist
Prospective Homebuyers 

$2 Million Available Through Pilot Program 

Washington, DC - Today, the U.S. Department of the Treasury's Community
Development Financial Institutions Fund (CDFI Fund) launched its new
Financial Education and Counseling (FEC) Pilot Program with the submission
of a fiscal year (FY) 2009 Notice of Funds Availability (NOFA) to the
Federal Register.  The launch of this new program will strengthen the CDFI
Fund's support for a range of financial education and counseling services to
prospective homebuyers and address critical financial literacy needs in the
wake of the crisis in the housing market. 

Announcing the new program, CDFI Fund Director Donna J. Gambrell stated, "I
am excited to add a new program for promoting financial empowerment into the
CDFI Fund's toolkit.  By increasing financial knowledge and decision-making
capabilities, the Financial Education and Counseling Pilot Program is geared
to providing low-income and low-wealth individuals with the skills they need
to make smart financial decisions.  I have high hopes for the impact this
program will have on both prospective homebuyers and providers of financial
education." 

"This pilot grant program will provide resources to support effective
delivery of financial education and counseling to communities where it is
most needed," said Michelle Greene, Treasury's Deputy Assistant Secretary
for Financial Education and Access.  "Capturing the findings from these
pilots will help Treasury assess the effectiveness of various approaches to
financial education, and build the knowledge of the field to continue to
move ahead." 

Financial Education and Counseling Pilot Program Overview 

The Financial Education and Counseling Pilot Program was authorized pursuant
to Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L.
110-289).  In March of 2009, the CDFI Fund was appropriated $2 million for
the implementation of this program.  Grants awarded through the FEC Pilot
Program will have the ultimate goal of identifying successful methods of
financial education and counseling services that result in positive
behavioral change for financial empowerment, and establishing program models
for organizations to deliver effective financial education and counseling
services to prospective homebuyers. 

To achieve these purposes, the CDFI Fund will make awards to organizations
that provide a range of financial education and counseling services to
prospective homebuyers, with the goals of: 1) increasing the financial
knowledge and decision-making capabilities of prospective homebuyers; 2)
assisting prospective homebuyers to develop monthly budgets, build personal
savings, finance or plan major purchases, reduce debt, improve financial
stability, and set and reach financial goals; 3) helping prospective
homebuyers improve credit scores by understanding the relationship between
credit histories and credit scores; and 4) educating prospective homebuyers
about the options available to build savings for short- and long-term goals.


Deadlines 

*	The FEC Pilot Program application deadline is 5:00 PM Eastern Time
on November 17, 2009.    

Application Materials 

 <http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=8> Click Here
for FY 2009 FEC Pilot Program Application Materials. 

Learn About Applying to the FEC Pilot Program 

On Thursday, October 22, 2009 from 2:00 to 3:30 p.m. Eastern Time, the CDFI
Fund will conduct a conference call for organizations interested in applying
to, or learning about, the FEC Pilot Program. 

Public participation will be limited to 150 individual phone lines.
Multiple staff from the same organization are asked to call as a group from
one phone line to maximize participation. 

To access the conference calls, participants need to call (800) 988-9565 and
enter in the pin number FECPP.  No prior registration is necessary. 

Questions? 

For more information on the FEC Pilot Program, please contact the CDFI Fund
by e-mailing cdfihelp at cdfi.treas.gov or by calling (202) 622-6355. 

Background on the CDFI Fund 

Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to
CDFIs, community development organizations and financial institutions
through CDFI Program, the Bank Enterprise Award Program, and the Native
Initiatives.  In addition, the CDFI Fund has allocated $21 billion in tax
credit authority to Community Development Entities through the New Markets
Tax Credit Program. 

  _____  

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