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Citibank to Help Local Veterans Achieve Financial Self-Sufficiency

By January 9, 2012No Comments

Citibank is increasing its donation this year to include our veterans! This contribution supports Building Self Sufficient Families”(BSSF) — financial capability/asset building workshops that Citibank puts on for our families and will now offer at CoC for the vets through “Banking Boot Camp” workshops for veterans and their families. It is anticipated that a total of 300-350 Habitat neighborhood low income residents and veterans (College of the Canyons focusing on GI Bill/veterans education initiative) will attend the training workshops.

BSSF program specifically targets families at or below 60 percent of the Los Angeles County AMI. In the County of Los Angeles, median gross income for a family of four is $82,800 (correspondingly being $74,600 for a family of three and $89,500 for a family of 5). Habitat documents the LMI status of their clients by using HUD guidelines, an extensive application process that includes three years of Income Tax records, three months of current pay stubs, work verification, credit check, home visit and more.

BSSF program, in collaboration with Citibank will cover seven financial education topics such as: Introduction to Financial Services; How to Save/Reduce Debt; Saving for College; First-Time Homeownership; Understanding Credit & Identity Theft; Budgeting; On-line Banking & Global Transfers. Classes will be taught in both Spanish and in English by Pacoima Citibank Branch Manager and Valencia Branch Manager at the Pacoima, Sylmar and Santa Clarita locations. After the training, it is expected that a minimum of 50-75 participants will establish savings/checking accounts for the purposes of building emergency cash reserves and college savings accounts for their children.

Other anticipated outcomes: Habitat homeowners to strive towards 0% default and foreclosures; About twenty percent of Habitat neighborhood residents will return to school; obtain a degree; seek better job opportunities; and thus increasing their personal income and learn to save for their childrens’ education & their own retirement; veterans and their families will not only learn to budget and manage money but will also seek homeownership opportunities in Habitat’s projects in San Fernando/Santa Clarita Valleys.

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