- Division of Banks
The Massachusetts Division of Banks (DOB) is seeking applications for pilot grants for organizations implementing innovative Financial Literacy and Debt Resolution programs. These grants will be funded through the DOB Mortgage Loan Settlement Trust which was established and funded by settlements resulting from foreclosure related and mortgage-servicing abusive practices.
The Division will accept funding proposals for two-year pilot projects from entities rendering 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.
- For 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.
All proposals must be submitted to the Division by 5:00 P.M. May 19, 2021. Proposals must be submitted electronically through the bid on COMMBUYS. More information about the pilot grant program, the DOB Mortgage Settlement Trust, and the application process can be found on the Financial Literacy and Debt Resolution Education Pilot Initiative Request for Proposal attached to the bid.