Money Smart Program for Illinois PHAs

HUD's Illinois Office of Public Housing is encouraging Illinois Housing Authorities to take advantage of a new partnership with the Federal Deposit Insurance Corporation (FDIC) to increase financial literacy among PHA tenants. The effort started in June of last year when Assistant Secretary Michael Lieu signed a Memorandum of Understanding with FDIC that makes available the "Money Smart" (http://www.fdic.gov/consumers/consumer/moneysmart/) program to Housing Authorities. The program is a set of ten instructor-led training modules that cover banking services, borrowing, how to set up a checking account, how to keep track of money, saving money, consumer issues, the importance of a good credit history, how to properly use a credit card, learning how to borrow before buying, and what homeownership is all about. As a result of the partnership, HUD can provide the curriculum free to PHAs. The curriculum is particularly well suited for Housing Authorities participating in economic self-sufficiency programs.