Funding for 11 Community-Based Organizations Will Help Low Income Families Understand Purchasing Power
Programs Will Provide One-On-One Coaching With Financial Professionals Offering Training and Education on Budgeting and Financial Management
Governor Kathy Hochul today announced the New York Department of State has awarded $1.1 million in grant funding to 11 community-based organizations across six regions of New York State. $100,000 grants will be used to fund financial literacy programs in these communities. Individuals with incomes at or below 200 percent of the Federal Poverty Guidelines will be eligible to participate in the programs. Language access services will also be made available to individuals that have limited English proficiency.
“Financial literacy is crucial to helping New Yorkers save their hard-earned money as they work to build a better life for their families,” Governor Hochul said. “Through these programs, we can arm New Yorkers in communities across the state with the tools they need to build a more secure economic future for themselves and their loved ones.”
The Financial Literacy Programs will provide one-on-one coaching with experienced financial professionals offering training, as well as education regarding budgeting and financial management. A key component of the initiative is to help individuals and families better understand their purchasing power. Participants will receive information regarding homeownership, improving credit scores, decreasing dependence on credit card debt, opening checking and savings accounts, asset building and how to avoid financial scams.
Each of the participating organizations will partner with community banking institutions as well as local, state and/or federal agencies for referral to additional services that may be available to help strengthen and improve their financial standing.
Programs will be in the following regions of New York State:
- New York City
- Capital Region
- Mohawk Valley
- Western New York
- Southern Tier
- Finger Lakes
These programs are fully funded through the federal Community Services Block Grant and will be managed by the Department of State’s Division of Community Services. The programs were awarded based on a competitive RFP process.
About The Division of Community Services
The New York Department of State’s Division of Community Services works with an extensive network of regional community action agencies to combat poverty among poor and low-income families. The Division of Community Services directs funding to these non-profit organizations to help provide low-income and poor families across New York State with necessary services, including employment assistance and training, emergency food and housing, childcare, home heating and much more. Community action agencies are beneficiaries of New York State’s Community Services Block Grant (CSBG) funds, which are administered by the Division of Community Services. The Division monitors and tracks agencies’ progress in fulfillment of goals, while also ensuring compliance to CSBG guidelines. More information is available on the Department of State website.
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