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OnTrack Receives US Treasury, CDFI Grant

HomeRun: Coaching for Homeownership program is one of only five programs nationwide to receive competitive 3-year federal grant funding.

 

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the names of five organizations which will receive federal grants under the first round of the Financial Education and Counseling (FEC) Pilot Program to establish and expand financial education and counseling services for prospective homebuyers. OnTrack Financial Education & Counseling has been awarded one of these grants for their innovative program HomeRun: Coaching for Homeownership.

“We are thrilled that Western North Carolina will benefit from this exciting partnership with the US Treasury and Mountain Housing Opportunities.  In the wake of the foreclosure crisis, this program has long-term potential to help low-income people begin to build assets through stable, affordable, homeownership,” commented Celeste Collins, OnTrack Executive Director.

OnTrack's HomeRun: Coaching for HomeOwnership Program

OnTrack will partner with Mountain Housing Opportunities (MHO) to help low-income/low-wealth residents of Asheville/Buncombe County. The program will encompass the following:

Provide financial education and counseling sessions for attaining and sustaining homeownership: OnTrack’s program will invite residents of five low-income apartment complexes developed by MHO to attend classes and counseling sessions offered on-site as part of the Home Run program.

Neighborhood coaches inspire residents and keep them on track with their goals: Home Run Neighborhood Financial Coaches will be residents of the targeted complexes and will be a consistent presence in the community, motivating and supporting program participants as they work toward achieving their goal of homeownership.

Additional funding covers unique program costs: “The FEC Pilot Program Award will not only cover personnel and administrative costs, but also the matched savings program and the Financial Coaches stipend - funding that is often hard to come by through other grant sources,” commented Collins.  

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About the Financial and Education Counseling Pilot Program

The CDFI Fund implemented this program in collaboration with the Department of the Treasury’s Office of Financial Education and Financial Access. “Financial education and counseling can empower people to build better financial futures and make smarter financial choices. By focusing on behavioral change, this program promises to develop useful new models for effective financial education and counseling,” said Deputy Assistant Secretary Michelle Greene.

OnTrack is among four other recipients of the Treasury funding.  They include:
·         Boulder County Housing Authority, Boulder, CO

·         Mission Economic Development Agency, San Francisco, CA

·         New Hampshire Housing Finance Authority, Bedford, NH

·         Resources for Residents and Communities of Georgia, Inc., Atlanta, GA

The FEC Pilot Program was authorized pursuant to Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289).  Through the FEC Pilot Program, the CDFI Fund will identify successful methods of financial education and counseling services that result in positive behavioral change for financial empowerment, and establish program models for organizations to deliver effective financial education and counseling services to prospective homebuyers. 

About the CDFI Fund

Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award Program, and the Native Initiatives.  In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.

For more information about the CDFI Fund, visit www.cdfifund.gov.