Financial Literacy Education Residents of Assisted Housing

Executive Director of the Delaware Financial Literacy Institute (DFLI), Ronnie Cohen, addresses the group as DGLI staffer, Tammy Levy, looks-on

In order to help residents of assisted housing in Delaware increase their incomes and improve their financial situations, the HUD Wilmington Field Office has partnered with the Delaware Financial Literacy Institute's (DFLI) Money School that brings community-based financial education to both adults and students throughout the state. Financial education is especially important for people and families with low incomes because being financially literate is the foundation for acquiring sufficient income to live with a modicum of dignity and hope for the future.

In order to link prospective students with the resources of the Money School, the Wilmington Field Office convened a meeting on May 24, 2011 with Ronnie Cohen, the Executive Director of the DFLI, managers of HUD-assisted apartments in Delaware, staff from housing authorities and HUD Multifamily Housing and Public Housing staff. Ms. Cohen described how the courses are available in classroom settings at various locations during the day or evening and also online. The instructors include over 100 volunteers who have expertise in various financial disciplines. A few of the introductory courses include: Financial Health Tool Kit, Working With the "At Risk" Population, Budgeting, Strategic Ways to Get Out of Debt and A Man is Not Your Financial Plan. Certificates of achievement are awarded for various levels of advancement in the program.

The Chasing the Dream Entrepreneurship Summer Camp is available for kids 9 to 13. During this one week experience, the youngsters learn the basics of business start-up, visit with entrepreneurs and tour local businesses. The culmination of the camp occurs when the graduates run their own business at a market on Wilmington's main center city public square.

HUD Wilmington Field Office Director, Diane L. Lello, addresses meeting participants

Purses to Portfolios is an organization of "Take Charge Delaware Women" who have benefited from enrollment in DFLI classes and moved on to better careers than they once anticipated. Other comments about the Money School experience were made by a HUD Multifamily Housing staff member from the Philadelphia Office who was once a resident of assisted housing in Delaware. Since successfully completing a Money School program, she has become the owner of two residential properties and is enjoying a thriving new career with HUD. She has indeed become a "Take Charge Delaware Woman."

It is anticipated that the first group of assisted housing residents will enroll in Money School classes before the end of Fiscal Year 2011.