A new grant program from the U.S. Department of the Treasury's Community Development Financial Institutions Fund kicked off last week. The Financial Education and Counseling Pilot Program offers $2 million in grant funding for financial education and counseling services for prospective homebuyers.
"This is another avenue for credit unions to explore as they seek new resources to benefit their members," said NCUA Chairman Debbie Matz, who is also the NCUA's liaison to the President's Advisory Council on Financial Literacy. "Financial education is a natural service for credit unions. I strongly encourage credit unions to use all resources at their disposal to help members expand their financial knowledge."
The goal of the program is to increase the decision-making capabilities of homebuyers, help them develop monthly budgets, improve their credit score and to educate them about the options available to build savings.
The application deadline for the program is Nov. 19. For more information visit www.cdfifund.gov.