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TO: Mayor Richard C. Irvin
FROM: Ruth Ramos, Innovation Program Manager, Community Services Department
DATE: May 31, 2022
SUBJECT:
A Resolution approving a Memorandum of Understanding between the Cities for Financial Empowerment Fund, Inc. ("the CFE Fund") and the City of Aurora for the Aurora Financial Empowerment Center ("Aurora FEC") to become an FEC Expert Partner ("FEC Expert Partner") until October 31, 2023.
PURPOSE:
The Aurora FEC will become an FEC Expert Partner, continue to operate an FEC as a high-quality public service, actively contribute to the national FEC learning community ("FEC Public Learning Community"), receive technical assistance resources, and continue to use the CFE Fund's central FEC database at no-cost.
BACKGROUND:
In 2019, the City of Aurora applied for and received the Financial Empowerment Center Implementation Grant funds from the CFE Fund as a match grant to support municipal engagement to improve the financial stability of low- and moderate-income households by embedding financial empowerment strategies into local government infrastructure. The Neighbor Project (TNP) was hired as the servicing contractors for the grant agreement with CFE. The Aurora FEC became a part of a growing network of FECs embedded in local governments across the country, committed to providing free, one-to-one financial counseling, delivered by professionally trained counselors, to low- and moderate-income residents.
The Aurora FEC was successful in its two-year pilot phase. Thereafter, the City of Aurora extended the contract with The Neighbor Project for up to two annual extensions from 2022-2024 to continue to provide financial counseling and financial literacy to the community.
The CFE Fund has supported and continues to support the Aurora FEC through technical assistance resources, access to the National FEC learning community, and licenses to use the CFE Fund's central FEC database. Important data from this database is regularly used t...
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