|
|
|
New
Financial
Empowerment
Centers
seek to
change
Detroiters’
lives
through
sound
money
management
•
Partnership
between
City,
Wayne
County
Treasurer
and
Wayne
Metro
with
backing
from
Cities
for
Financial
Empowerment
Fund,
JPMorgan
Chase
and
Skillman
Foundation
• Center
to
provide
free,
one-on-one
professional
financial
counseling
to
residents
DETROIT
-
Detroit
residents
seeking
to
improve
their
financial
strength
and
stability
now have
more
help,
City,
county,
non-profit
and
business
leaders
announced
today.
The City
of
Detroit
and the
Wayne
County
Treasurer,
in
partnership
with
Wayne
Metropolitan
Community
Action
Agency,
will
provide
free,
one-on-one
financial
counseling
and
coaching
to
residents
at six
Financial
Empowerment
Centers
(FEC)
opening
across
Detroit.
The
first
two,
located
inside
the
Wayne
County
Treasurer’s
office
and
Wayne
Metro,
officially
opened
today.
The
FEC is
supported
by
contributions
totaling
$770,000
from the
national
Cities
for
Financial
Empowerment
Fund
(CFE
Fund),
JPMorgan
Chase,
The
Skillman
Foundation,
Wayne
County
Treasurer
and the
City.
At
the
centers,
professionally
trained
counselors
will
help
individuals
and
families
with low
and
moderate
incomes
manage
their
finances,
pay down
debt,
increase
savings,
establish
and
build
credit,
and
access
safe and
affordable
mainstream
banking
products.
“Access
to
opportunity
has
improved
dramatically
in the
city of
Detroit,
and
residents
are
starting
to see
these
benefits,”
said
Mayor
Mike
Duggan.
“But we
need to
make
sure
that
Detroiters
have
financial
stability
to
succeed
and move
forward.
The
Financial
Empowerment
Centers
are
going to
be
available
so
Detroiters
know how
to make
their
money
work for
them,
and I am
so
thankful
to all
of our
partners
and
funders
for
making
this
happen.”
The
Detroit
Financial
Empowerment
Center
will
start
with two
new
locations:
• Wayne
County
Treasurer’s
Office,
400
Monroe
Street,
5th
Floor
• Wayne
Metropolitan
Community
Action
Agency,
7310
Woodward
Avenue
As
the
program
gets
underway,
four
additional
locations
will be
added
around
the
city,
for a
total of
six
Financial
Empowerment
Centers
available
to
residents.
“I
am proud
of this
major
collaboration
between
the
Wayne
County
Treasurer’s
Office,
the City
of
Detroit,
and
Bloomberg’s
Cities
for
Financial
Empowerment,”
said
Eric
Sabree.
“This
new
Financial
Empowerment
Center
takes a
serious,
holistic
approach
to
financial
counseling
which,
in turn,
can help
struggling
taxpayers
take
advantage
of
existing
programs,
better
manage
their
financial
affairs,
and
retain
ownership
of their
properties.”
At
the core
of the
FEC
model is
the
pairing
of
financial
counseling
with
other
services,
such as:
•
job
training
and
placement
paired
with
bank
account
setup
assistance
to
ensure
new
employees
have
direct
deposit.
•
housing
assistance
and
foreclosure
prevention,
paired
with
savings
assistance,
help
with 0%
home
repair
loan
applications,
enrollment
in the
city’s
Plan
Ahead
property
tax
payment
program
and
assistance
applying
for
poverty
tax
exemptions.
•
returning
citizen
resources,
paired
with
credit
score
repair
services
for
those
who have
gone
without
credit,
access
to
banking
to
improve
employment
opportunities
and
assistance
with
identity
fraud, a
major
issue
for many
returning
citizens.
•
benefits
access
to help
residents
access
programs
like
food
assistance
Other
services
include
water
affordability,
utility
assistance
and free
tax
preparation,
to
ensure
residents
are
getting
the most
out of
their
return
each
year.
"It’s
through
collective
impact
initiatives
like
this
that our
most
challenging
and
pressing
social
issues
can be
addressed,"
said
Louis D.
Piszker,
Chief
Executive
Officer
for
Wayne
Metro.
"The FEC
brings
government,
business,
philanthropy,
and the
human
service
sector
together
to stand
up the
first
ever
Financial
Empowerment
Center
here in
Detroit
and
Wayne
County
to
support
residents
to build
financial
wellness
and
achieve
their
dreams.
This is
a truly
a mighty
force
for good
taking
root in
our
community."
“Creating
a strong
financial
foundation
is key
to
creating
opportunity
for
families
in
underserved
communities,”
said
September
Hargrove,
Detroit
Program
Officer
at
JPMorgan
Chase.
“We are
pleased
to be
collaborating
with the
City of
Detroit
and to
be
supporting
the
Detroit
Financial
Empowerment
Center
as part
of our
broader
$200-million
investment
to help
more
Detroiters
build
savings,
reduce
debt,
and
achieve
their
long-term
goals.”
JPMorgan
Chase's
commitment
to the
Detroit
Financial
Empowerment
Center
is part
of its
$200-million
commitment
to
Detroit
in order
to help
connect
more
Detroiters
with
economic
opportunity.
“Local
leaders
know
first-hand
the
connection
between
family
financial
stability
and
community
financial
stability,”
said
Jonathan
Mintz,
President
and CEO
of the
Cities
for
Financial
Empowerment
Fund.
“Detroit
Mayor
Mike
Duggan
and
Wayne
County
Treasurer
Eric
Sabree
are
strong
believers
in the
growing
national
movement
to bring
free,
high-quality
financial
counseling
as a
public
service
to their
residents;
we are
proud to
partner
with
them on
this
critical
work.”
First
piloted
in New
York
City
under
Mayor
Michael
R.
Bloomberg
in 2008,
FECs
across
the
country
have
worked
with
almost
85,000
clients,
helping
them
reduce
individual
debt by
more
than
$100
million,
and
increasing
their
families’
savings
by close
to $10
million.
In
addition,
a recent
CFE Fund
evaluation
showed
that
this
program
works
even for
residents
with
very low
incomes
and
other
complex
financial
challenges.
To
schedule
an
appointment
at the
Detroit
Financial
Empowerment
Center,
residents
should
call
(313)
322-6222.
Additional
information
is
available
at
www.detroitfec.org.
|
|
|
|
|
|