Tag Archives: Citi Community Development

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With Support from Citi, Chicago's Urban Prep Academies to Expand Project GOLD and Improve Graduates'

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By Business Wirevia The Motley Fool

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With Support from Citi, Chicago’s Urban Prep Academies to Expand Project GOLD and Improve Graduates’ College Experience

Support from Citi Community Development will Broaden Availability of Career Guidance, Academic Support, Resource Counseling, Emotional and Social Support

CHICAGO–(BUSINESS WIRE)– Today, Citi Community Development and Urban Prep Academies announced a commitment to expand the school’s Project GOLD (Getting Our Lion’s Degrees) initiative to bolster the college success rate of Urban Prep graduates. The school, whose graduates have a 100 percent acceptance rate to four-year colleges, will increase its capacity to provide ongoing support to its alumni so they are better prepared to handle the academic, financial and social challenges associated with higher education. The announcement was made at a school assembly attended by Chicago Mayor Rahm Emanuel.

Project GOLD is an innovative effort to support Urban Prep graduates with:

  • Optimal course selection and course load based on career aspirations
  • Tutorial assistance through on-campus resources like writing labs and individual tutors
  • Financial coaching for students and their parents, including emergency funding when necessary
  • Summer job placement and career counseling
  • Emotional and social support, including regular contact and mentoring

Urban Prep‘s four-year record of 100 percent college acceptance for its graduating seniors is an achievement made even more notable by the challenges many students face outside the classroom. More than 85 percent of its students, most of whom are African-American, qualify for free or reduced lunch, and many of its students enroll at Urban Prep at least two grade levels behind. Despite those obstacles, Urban Prep‘s 83 percent college retention rate is far above the national rate of 70 percent for all college students and 42 percent for African-American males nationally.

With $150,000 in support from Citi Community Development, the expanded Project GOLD will reach the 300 Urban Prep graduates currently enrolled in four year colleges as well as the school’s current college-bound students.

“Entering college is an exciting and also a challenging time in anyone’s life,” said Helen Hammond Redding, Citi’s director of community development in Chicago. “However, many high school grads, like those from Urban Prep, are the first in their families to do so and many …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

"Virtual Counselor Network" Transforms Professional Housing Counseling for Low-to-Moderate Income Co

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By Business Wirevia The Motley Fool

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“Virtual Counselor Network” Transforms Professional Housing Counseling for Low-to-Moderate Income Communities in San Diego and the Inland Empire

Developed by the Housing Opportunities Collaborative and supported by Citi Community Development, new network provides access to 1-on-1 counseling and technical assistance.

SAN DIEGO–(BUSINESS WIRE)– A network of strategically located stand-alone computer terminals stretching 150 miles from San Diego to San Bernardino will transform access to professional housing counseling and other services ranging from foreclosure prevention to tax preparation and credit counseling through an innovative Virtual Counselor Network (VCN).

The 10-terminal VCN will cover San Diego, Riverside and San Bernardino counties. It will be operated by the San-Diego based Housing Opportunities Collaborative (HOC) with the support of a $200,000 grant from Citi Community Development. The computer terminals will be placed in a variety of easily accessible locations in San Diego and across the Inland Empire.

The HOC‘s goal in establishing the network is to increase access to a diverse array of community services and resources for all populations, especially low income and underserved individuals and families in San Diego and the Inland Empire. Aligned with HOC‘s commitment is the development of the technology and infrastructure to connect low to moderate income and rural communities to a Virtual Counselor at participating agencies via the Internet. Additional resources will be leveraged among the network of agencies to offer a virtual “one-stop” array of services, eliminating the need to travel to multiple locations.

“Citi’s support for the innovative Virtual Counselor Network provides San Diego, Riverside and San Bernardino County residents with access to technology and specialized counseling services that are often not widely accessible through traditional counseling centers, via technology or in their communities,” said Bob Annibale, Citi’s Global Head of Community Development. “Ensuring universal access, but particularly for low income and underserved communities, to housing, tax and credit counseling through the Virtual Counselor Network and the Housing Opportunities Collaborative will empower individuals with valuable advice and information in multiple languages, including English and Spanish, on available services that can be critical when planning and making household financial decisions.”

According to DataQuick, current research shows that 8,000 homeowners across the affected area have received foreclosure notices in recent months, while 16.2 percent are unemployed and another 16 percent live below the poverty line as reported by the U.S. Census Bureau – American FactFinder.

“As nonprofit organizations find new ways to use technology to help more people, I …read more
Source: FULL ARTICLE at DailyFinance

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Mission Asset Fund to Launch Security Deposit Loan Program for Underbanked with Support from Citi

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Mission Asset Fund to Launch Security Deposit Loan Program for Underbanked with Support from Citi

SAN FRANCISCO–(BUSINESS WIRE)– With founding support from Citi Community Development, the San Francisco nonprofit Mission Asset Fund announced today that it is developing and will soon launch an innovative savings and credit-building program to help low-income, at-risk foster youth and reentry populations overcome financial obstacles to securing safe and stable places to live. A pilot Security Deposit Loan program will provide low-income, at-risk youth with the means to cover their rental security deposits for their housing needs.

One in five young adults in California is underbanked1 and often has little savings to cover rent security deposits, creating real financial barriers to securing housing. As part of the new program, Mission Asset Fund will partner with landlords, nonprofit property managers, and community based organizations that work with at-risk youth to transform security deposits into instruments to build savings accounts and credit profiles. MAF will provide housing partners with credit vouchers for security deposits and will then service the interest-free loans, report repayment activity to credit bureaus, and return the deposit at the end of the lease term to clients. By the end of the program, young renters will have credit histories and seeded savings, putting them in a stronger position to rent apartments on their own.

“We are thrilled that Citi is supporting MAF‘s work to help low-income individuals become visible, active and successful participants in the financial mainstream. Once again, Citi is leading the economic development field by investing early in innovative projects that will impact people’s financial lives. We could not want for a better, more committed partner,” says Jose Quinonez of Mission Asset Fund.

“A key part of improving one’s economic potential is living in a safe and affordable home, yet the need to post a security deposit creates a barrier that is far too high for many lower income individuals,” said Bob Annibale, Citi’s Global Director of Microfinance & Community Development. “The Security Deposit Loan program not only provides the ability to finance the up-front cost of a security deposit with no interest, but Mission Asset Fund will also use the loan proceeds to help borrowers boost their savings and build a credit history that is important for getting hired, starting a business, and purchasing large necessities.”

Citi provided $125,000 in founding support for the Security Deposit Loan program, and is also supporting the development of a number of social lending models developed by Mission Asset Fund, including Lending Circles and Lending Circles for Citizenship. More information is available …read more
Source: FULL ARTICLE at DailyFinance