Financial Education and Counseling Pilot Program 2010

The summary for the Financial Education and Counseling Pilot Program 2010 Federal Grant is detailed below. It contains information such as the Catalog of Federal Domestic Assistance (CFDA) number, who is eligible for the grant, how much grant money will be awarded, important deadlines, and a sampling of similar government grants. Verify the accuracy of the data FederalGrants.com provides by visiting the webpage noted in the Link to Full Announcement section or by contacting the appropriate person listed in the Grant Announcement Contact section. If these sections are incomplete, please visit the website of the government agency that is offering this grant.


	Federal Grant Title:	Financial Education and Counseling Pilot Program 2010
	CFDA Number:	21.010
	CFDA Description:	Financial Education and Counseling Pilot Program
	Federal Agency Name:	Community Development Financial Institutions
	Category of Funding Activity:	Community Development
	Category Explanation:	Information not provided
	Opportunity Category:	Discretionary
	Funding Opportunity Number:	CDFI-2010-FEC
	Document Type:	Grants Notice
	Funding Instrument Type:	Grant Other
	Posted Date:	Jun 04, 2010
	Creation Date:	Jun 04, 2010
	Original Closing Date for Applications:	Jul 08, 2010
	Current Closing Date for Applications:	Jul 08, 2010
	Archive Date:	Jul 09, 2010
	Expected Number of Awards:	1
	Estimated Total Program Funding:	$3,150,000
	Federal Grant Award Ceiling:	$3,150,000
	Federal Grant Award Floor:	$3,150,000
	Cost Sharing or Matching Requirement:	No

Applicants Eligible for this Grant: Others (see text field entitled "Additional Information on Eligibility" for clarification)
Additional Information on Eligibility: In order to be deemed an Eligible Organization, the Applicant entity must be a certified Community Development Financial Institution - or CDFI, a U.S. Department of Housing and Urban Development approved Housing Counseling Agency, a Credit Union, a governmental entity (State government, Local government or Tribal government), or a collaborative effort of two or more such entities. In addition, the Applicant entity must demonstrate that it meets certain minimum threshold requirements with respect to its experience and ability to provide Financial Education and Counseling Services resulting in documented Positive Behavioral Changes to Prospective Homebuyers. More detailed information can be found at the link provided later in this synopsis.
Grant Description: The Financial Education and Counseling Pilot Program was authorized pursuant to Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289). Grants awarded through the FEC Pilot Program will have the ultimate goal of identifying successful methods of financial education and counseling services that result in positive behavioral change for financial empowerment, and establishing program models for organizations to deliver effective financial education and counseling services to prospective homebuyers. To achieve these purposes, the CDFI Fund will make awards to organizations that provide a range of financial education and counseling services to prospective homebuyers, with the goals of: 1) increasing the financial knowledge and decision-making capabilities of prospective homebuyers; 2) assisting prospective homebuyers to develop monthly budgets, build personal savings, finance or plan major purchases, reduce debt, improve financial stability, and set and reach financial goals; 3) helping prospective homebuyers improve credit scores by understanding the relationship between credit histories and credit scores; and 4) educating prospective homebuyers about the options available to build savings for short- and long-term goals. The FEC Pilot Program was appropriated $4.15 million in FY 2010, of which $3.15 million was set aside by Congress to be provided to an organization located in the state of Hawaii. For the FY 2010 funding round, the CDFI Fund will solicit new applications exclusively from organizations located in Hawaii to compete for the $3.15 million. With respect to the remaining $1 million in appropriated funds, the CDFI Fund will not be soliciting new applications due to the large number of highly qualified applications it received for the FY 2009 funding round of the FEC Pilot Program. The CDFI Fund received over 200 applications for the FY 2009 funding round in November of 2009, and many highly qualified applications were not able to be funded. As a result, the remaining $1 million of FY 2010 appropriated funds will be granted to up to five of the organizations that were finalists under the FY 2009 round but did not receive awards.
Link to Full Grant Announcement: http://www.cdfifund.gov/what_we_do/programs_id.asp?programid=8
Grant Announcement Contact: Jay Santiago Phone 202-662-8024

CDFI Fund Help Desk [santiagoj@cdfi.treas.gov]