- 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, Massachusetts — In 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
