BEDFORD, N.H. – May 24, 2010 – (RealEstateRama) — Some low-income families and individuals can now learn about managing their finances through a new pilot program to be offered by New Hampshire Housing, made possible by a three-year $400,000 grant from the U.S. Treasury. The agency is one of only five organizations in the country that has been awarded funds for this purpose.
The Financial Education and Counseling (FEC) Pilot Program will use education to empower low-income individuals to make better financial decisions that will allow them to build assets and repair their credit. Specifically, participants in the FEC Pilot Program will learn essential skills such as tracking daily expenses and saving money, which are important for families and individuals that don’t have much income to work with.
“The FEC Pilot Program will provide low-income individuals who have had little financial education with tools for living and, ultimately, making their dreams come true,” said Lynn Lippitt, director, housing services, at New Hampshire Housing.
During the three-year grant period, New Hampshire Housing will design, build and test a website where clients may access educational materials and track their progress in a secure, convenient environment. Experienced credit counselors will also be available to answer participant questions and provide financial guidance through one-on-one telephone calls.
To ensure the financial education needs of low-income families and individuals are met, the FEC Pilot Program will initially be offered to New Hampshire Housing’s existing rental assistance clients. The agency expects 600 to 800 of its clients will use the FEC Pilot Program with more than 75 percent of participants succeeding in establishing or increasing their use of budgeting tools, at least half opening a savings account or increasing their savings, and 35 percent raising their credit scores.
Once developed, the FEC Pilot Program will be available to other public or nonprofit organizations serving low-income families and individuals in the Granite State.
New Hampshire Housing Finance Authority is a tax exempt, public benefit corporation established by the state legislature. The Authority operates a number of programs designed to assist low- and moderate-income persons to obtain housing. Since its inception, New Hampshire Housing has helped more than 37,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,000 multi-family housing units. More information about its programs can be found on the agency’s Web site at www.nhhfa.org.
