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Press Release Innovative Financial Literacy Initiatives & Debt Resolution Education

New Division of Banks Program Funds $2.25 Million in Grants for Innovative Financial Literacy Initiatives and Debt Resolution Education
For immediate release:
6/16/2021
  • Division of Banks
  • Office of Consumer Affairs and Business Regulation

Media Contact for Innovative Financial Literacy Initiatives & Debt Resolution Education

Carolyn Assa, Director of Communications, Office of Consumer Affairs and Business Regulation

Boston, MassachusettsIn June, the Massachusetts Division of Banks (Division) launched a pilot program which awarded $2,254,361 in grants to 18 organizations to fund financial literacy and debt resolution education programs. The intent of the funding is to empower all residents of the Commonwealth with the knowledge they need to obtain and keep a home, save and pay for a college education, and better understand maintaining their overall finances.

These grants are supported by the Division of Banks Mortgage Loan Settlement Trust which was established to accept settlement funds related to mortgage loan-servicing and foreclosure abuses.

The Division accepted funding proposals for two-year pilot projects from a diverse group of community organizations across the Commonwealth, including organizations operating in Gateway communities. These projects will render one or a combination of the following services:

  • Financial Literacy Services for Tenants residing in the Commonwealth of Massachusetts
  • Financial Literacy Education for First-Time Homebuyers
  • Financial Literacy Education for Reverse Mortgage applicants and borrowers
  • Financial Literacy Services for Youth in the Commonwealth 
  • Mortgage and debt servicing counseling for:
    • Mortgage borrowers with conventional mortgage loans in need of budgeting and debt counseling assistance.
    • Mortgage borrowers with reverse mortgages in need of budgeting and debt counseling assistance.
    • College bound high school students in need of financial counseling prior to processing college loans.
    • Active college students seeking financial literacy, credit repair, and budgeting assistance.

In total, eighteen awards were made to various nonprofits serving Massachusetts consumers with challenging financial needs.   

“We were very pleased to see such a wide representation of community groups represented by the applications. The COVID-19 pandemic has had a significant impact on the financial health of numerous consumers in the Commonwealth—further illuminating the need for widespread financial education. We hope these funds will go a long way to fostering enhanced financial awareness and debt management skills going forward,” said Commissioner Mary L. Gallagher.

The following organizations are the grant recipients for this pilot program:

Organization

2021-2022 Program Award

ACT Lawrence, Inc.

$200,000

 

African Community Economic Development of New England

$62,475

 

Allston Brighton Community Development Corporation

$180,154

 

Asian Community Development Corporation

$47,750

 

Catholic Social Services

$78,453

 

Codman Square Neighborhood Development Corporation

$27,450

 

Community Teamwork

$244,400

 

Inquilinos Boricuas En Accion

$14,325

 

Lawrence CommunityWorks, Inc.

$144,893

 

Lower Cape Cod Community

$59,328

 

NeighborWorks Housing Solutions

$195,000

 

NewVue Communities Inc.

$92,500

 

NOAH (Neighborhood of Affordable Housing, Inc.)

$130,050

 

Quaboag Valley Community Development Corp. 

$47,850

 

Somerville Community Corp.  

$98,648

 

The Neighborhood Developers

$206,430

 

Way Finders, Inc.     

$205,205

 

Worcester Community Housing Resources, Inc.

$219,450

 

 

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Media Contact for Innovative Financial Literacy Initiatives & Debt Resolution Education

Division of Banks 

The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

Office of Consumer Affairs and Business Regulation 

The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.
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