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Money Smart News - Fall 2005

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Money Smart Success Stories...About Homeownership
Money Smart Alliance Partners are using innovation and networks as they team with the FDIC to spread the use of the Money Smart program to promote financial literacy and homeownership. The following are examples brought to our attention:

Wachovia Corporation of Charlotte, NC, is using multiple strategies to educate low- and moderate-income people about preparing for homeownership. Wachovia, among other things, is using its community development officers to train non-profit organizations in using Money Smart; conducting financial education seminars; and working with local housing authorities to promote the program. Wachovia is also looking to promote Money Smart though its program of community- and faith-based organizations.

AJFC Community Action Agency is helping produce new homes in Natchez, MS, as a result of a combination of asset- and wealth-building strategies, including financial education via Money Smart and saving for a downpayment through an Individual Development Account (IDA). A homeownership program conducted by the AJFC helped four homeowners move into their homes last December. At least 89 others are saving for downpayments with IDAs and a Money Smart education. AJFC also partnered with Natchez furniture and appliance merchants to provide favorable terms to Money Smart graduates upon the presentation of their Money Smart Certificates.

Columbia Point Community Partnership in Boston has helped break the cycle of poverty using Money Smart for Sandra – among others. Sandra had grown up on public assistance with her mother and nine siblings. She was able to purchase a home after saving for a downpayment in an IDA and receiving financial education provided through Columbia Point. Sandra says of her little house on the corner that “it means a lot to me.”

Mission of Peace Housing Counseling Agency (MOPHCA) is a faith-based organization based in Flint, MI, that has a network of 45 affiliates around the country. The Money Smart curriculum is being used by the MOPHCA network to provide homeownership education to at least 50,000 individuals.

Rutherford County Housing Initiative is a coalition of community groups in North Carolina concerned with affordable housing. One of its goals is to teach money management skills as a means of overcoming the problems of living in substandard housing. To assist in this effort, the FDIC taught volunteers how the Money Smart curriculum should be delivered to students.

Atlanta Habitat for Humanity began using the Money Smart program early this year after a survey of its homeowners showed that they wanted to become more financially savvy.




Last Updated 10/25/2005 supervision@fdic.gov