(WNY News Now) – New York – Governor Hochul announced the allocation of $1.1 million in grant funding to 11 community-based organizations in New York State for financial literacy programs aimed at empowering individuals with incomes below 200 percent of the Federal Poverty Guidelines.
The New York Department of State has approved $1.1 million in grant funding to support financial literacy programs across six regions of the state. The initiative, spearheaded by Governor Hochul, aims to equip individuals and families with essential tools for building a secure economic future, particularly those with incomes at or below 200 percent of the Federal Poverty Guidelines.
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 $100,000 grants will be distributed among 11 community-based organizations, facilitating one-on-one coaching by experienced financial professionals and offering training on budgeting and financial management.
The programs also focus on enhancing participants’ understanding of purchasing power, providing information on homeownership, credit score improvement, reducing reliance on credit card debt, and promoting responsible banking practices. In an effort to ensure inclusivity, language access services will be available for individuals with limited English proficiency.
Participating organizations, selected through a competitive Request for Proposal (RFP) process, will collaborate with community banking institutions and local, state, and federal agencies to provide additional services aimed at strengthening participants’ financial standing.
Chautauqua Opportunities Inc., one of the participating organizations in Western New York, expressed the critical role of financial literacy in fostering self-sufficiency. CEO Diane Hewitt-Johnson stated, “Providing Financial Literacy Services is critical when assisting individuals to become self-sufficient. Financial Literacy provides the foundation necessary to make positive movements when building personal assets. Chautauqua Opportunities Inc. has been providing Financial Literacy Services for many years and sees the benefits to the individual, families, and community as a whole. We use the FDIC Money Smart curriculum which dives into the topics of earning, spending, saving, borrowing, and protecting assets. Financial literacy is the key to economic security.”
The financial literacy programs are fully funded through the federal Community Services Block Grant and will be managed by the New York Department of State’s Division of Community Services. The Division collaborates with regional community action agencies to combat poverty by directing funds to non-profit organizations, providing essential services such as employment assistance, emergency food and housing, childcare, and home heating.
The Division monitors agencies’ progress in fulfilling goals and ensures compliance with Community Services Block Grant guidelines. Additional information about the Department of State and its initiatives is available on their website.
Leave a Reply