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Washington
CDFI launches 2010 fin. ed. and counseling pilot
WASHINGTON (6/2/10)--The U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund on Tuesday announced that the 2010 round of it’s Financial Education and Counseling (FEC) Pilot Program, which awards funds to organizations that provide financial education services to potential homebuyers, has begun. Educational services, for the purposes of the FEC Program, may be activities that increase the financial knowledge and decision-making capabilities of homebuyers and assist them in developing budgets, increasing their savings, reducing their debt, financing or planning for major purchases, and generally improving financial stability. In a release, CDFI Fund Director Donna Gambrell said that the FEC program’s educational initiatives “continue to be vital tools for economic development, especially when they benefit prospective homebuyers in distressed communities.” Congress appropriated $4.15 million in funding for the 2010 edition of the FEC program, which was established last year. Of that $4.15 million, $3.15 million will be made available to organizations located in Hawaii. The remaining $1 million will be granted to a number of organizations that applied for funds during 2009 but were not helped due to the large number of applications received. Applications for the 2010 round must be received by July 8. For the CDFI release, and application materials, use the resource link.
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