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NANAY
Launches Financial Literacy Program with
Wachovia
Miami, Florida- May 6, 2005
NANAY today announced its financial literacy program as a new
initiative to help the Asian community in Miami-Dade and Broward
Counties.
Wachovia Bank is sponsoring this initiative and is providing the
FDIC Money Smart program curriculum modules that
cover topics such as preparing a personal budget, assessing
the costs and benefits of consumer and home loans, basics of
borrowing, how to save effectively, consumer rights, keeping track
of one?s money, and how credit histories affect one?s credit future.
One of the most popular modules teaches individuals how to calculate
interest rates so that they will understand exactly how much they
will end up paying for items bought on credit. The award-winning
Money Smart curriculum will help adults develop their money
management skills, understand basic financial services, and build
confidence about effectively using banking services.
?Financial education is the key to helping our people achieve their
economic dreams,? said Dr. Joy Bruce, President and CEO of NANAY.
?We need to make sure that we reach those who are not part of the
financial mainstream. We want to provide tools that will help our
low- and moderate-income elders as well as youth take control of
their lives, make better decisions about their finances, buy their
own homes, and build a secure future for their families.?
The free program is scheduled to be held at the NANAY Community
Center in June, 2005 as an integral part of NANAY?s efforts to
address the issues of predatory lending and low-income communities?
lack of access to mainstream banking
services. The educational sessions will be coordinated and provided
by staff and officers of both Wachovia and NANAY.
??We are very excited about assisting the Filipino and other
Asian-American communities here in Miami, as well as throughout our
state,? said Peter Roulhac, vice-president and community
development officer for Wachovia in Miami-Dade County. ? Wachovia is
very committed to helping people understand how to access funds and
credit, how to establish a positive financial history, and how
important savings and money management are to their future.?
To assist individuals who are earning less than 80% of the
HUD median income (for a family of 4), Wachovia is also offering
a 3:1 down payment match, for a minimum of $1,500 and a maximum of
$3,000 per household, so that they can buy their own homes. To
be eligible, the prospective home buyers must contribute a minimum
of $500 of their own funds into the transaction.
?Learning how to manage and save money is essential to becoming
financially independent and achieving one?s dream of owning a home,
and homeownership is critical to building financial stability and
even wealth?, added Tony Riggio, vice-president and community
development manager for Wachovia in Florida.
Al Pina, chairman of the Florida Minority Community Reinvestment
Coalition (FMCRC), was instrumental in forging the NANAY-Wachovia
partnership to benefit the FilAm and Asian-Pacific community in the
Miami area.
The financial literacy program will later be extended to Central and
North Florida, in partnership with the Filipino American Coalition
of Florida. NANAY eventually plans to establish a Home Ownership
Center ---the financial literacy program being the first step in the
process. The Home Ownership Center will serve as a "ONE STOP"
center where NANAY will assist individuals in fixing their credit,
managing their savings, processing loan applications, and getting
gift certificates and discounts from Home Depot and other retail
establishments.
To register for the Free Financial
Literacy Program, please call Evelyn Bruce or Bennie Trinidad at the
NANAY Community Center at (305) 981-3232.
Seating
is limited to 20 per session.
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