cover
TO: Mayor Richard C. Irvin
FROM: Ruth Ramos, Innovation Program Manager
DATE: 5/27/2022
SUBJECT:
A resolution approving the acceptance of a Huntington National Bank Grant, in the amount of $50,000, for the Aurora Financial Empowerment Center.
PURPOSE:
To obtain the City Council's approval to accept a grant from The Huntington Foundation in the amount of $50,000 to assist with operational costs for the Aurora Financial Empowerment Center (FEC).
BACKGROUND:
In 2019, the City of Aurora applied for grant funds to launch the Aurora Financial Empowerment Center, a part of a growing network of FEC's 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. Therefore, the City of Aurora has entered a contract with up to two annual extensions from 2022-2024 to continue to provide financial counseling and financial literacy to the community.
DISCUSSION:
The success and sustainability of the FEC has led to the City of Aurora approving another contract with The Neighbor Project to continue providing financial counseling and literacy services. The Aurora FEC counselors have steadily increased their caseloads, providing counseling services to low- and moderate-income residents, and referring clients to partner agency services. In its two-year pilot phase, the Aurora FEC has served almost 1000 clients, had 1250 outcomes, helped clients increase savings by more than $644,000 and reduce debt by over $1.4 million.
In response to a growing need of counseling services, especially for residents looking to secure housing or afford growing rental costs, the Aurora FEC has expanded its services to include an additional counselor and a part-time administrative assistant through The Neighbor Project, while also providing additional financial literacy programming.
The contractua...
Click here for full text