| Washington, D.C.- Congressman Dale E. Kildee (D-MI) announced today that the U.S. Treasury Department awarded a $592,654 grant to Mission of Peace Housing Counseling Agency to fund the First Accounts Program. The program was specifically designed to assist low and moderate-income individuals in opening accounts at insured depository institutions.
“This funding will allow low-income individuals and families an opportunity to accumulate assets, to access education, to own their own homes and businesses, and to achieve economic self-sufficiency,” said Kildee. “We must continue to encourage working families to save and invest in their future.”
The Mission of Peace Housing Counseling Agency in Flint, Michigan will use these funds to connect 660 low and moderate-income individuals in Genesee, Oakland, Saginaw, Lapeer, and Shiawasee Counties to insured accounts at insured depository institutions over a two-year period. The project will be implemented by a partnership of Mission, Firth Third Bank, Genesee County Family Independence Agency, and local small businesses. Individuals will receive financial education, banking access, and counseling support during their transition to using banking services.
The First Accounts Program was created to develop and implement programs to expand access to financial services for low and moderate-income individuals. The paramount goal of the First Accounts Program is to move a maximum number of low- and moderate-income individuals to banked status with an insured depository institution to create greater financial independence and economic self-sufficiency. In order to achieve this goal, the program will provide financial literacy training, connect individuals to insured accounts, develop low- or no-cost products and services, and increase access to financial services through the installation of automated teller machines. |
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