STRATEGIC PRIORITY: Human and Social Needs
AGENDA DATE: February 10, 2021
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Community Care
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize the (1) acceptance of a grant from the Cities for Financial Empowerment Fund, Inc. for the 2020 Financial Navigators Grant in the amount of $80,000.00 to support a financial navigators program to provide remote services to residents who seek financial guidance for the period August 1, 2020 through July 31, 2021; (2) receipt and deposit of funds in an amount not to exceed $80,000.00 in the 2020 Financial Navigators Grant Fund; (3) establishment of appropriations in an amount not to exceed $80,000.00 in the 2020 Financial Navigators Grant Fund; and (4) execution of grant agreement with the Cities for Financial Empowerment Fund, Inc. and all terms, conditions, and documents required by the agreement - Not to exceed $80,000.00 - Financing: Cities for Financial Empowerment Fund, Inc. Grant Funds
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BACKGROUND
The Cities for Financial Empowerment Fund, Inc. (CFE) is a 501(c)3 that offers funding and technical assistance to help improve the financial stability of low- and moderate-income households by embedding financial empowerment strategies into local government infrastructure.
The Financial Navigators initiative helps residents deal with the financial impact of the COVID-19 pandemic, providing remote assistance in navigating critical financial issues and making referrals to other social services and resources. Trained Financial Navigators provide structured guidance over the phone to help people strategize around supports for disruptions to their income and other financial concerns. They help residents triage financial issues, identify immediate action steps, and make referrals to other services. Assistance includes managing expenses through prioritizing payments and when to make them, as well as m...
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