Citi, LISC join to expand Financial Opportunity Centers in Houston, San Diego, Newark

Microfinance Focus, Feb 21, 2010: Citigroup CEO Vikram Pandit have announced that Citi has joined forces with the Local Initiatives Support Corporation (LISC) to support an innovative financial counseling and empowerment program that helps low-income families increase their incomes, build long-term assets and raise their standards of living.

“Financial security is the backbone of healthy communities. All people, no matter what their income level may be, should have the opportunity to get the professional advice they need to develop a financial plan that helps them grow their assets and build a more prosperous future for their families”

The Citi Foundation is providing $1 million to help LISC expand its network of Financial Opportunity Centers to underserved neighborhoods in Houston, San Diego and Newark to increase the economic prospects of local residents. The grant is also benefiting an ongoing program in Chicago.

Pam Flaherty, President and CEO of the Citi Foundation, and LISC CEO Michael Rubinger toured the newest Financial Opportunity Center in Houston’s Near Northside neighborhood, as financial counselors there prepare to officially open its doors on March 1. The Near North Financial Opportunity Center is a collaboration between LISC and Wesley Community Center, a local Houston social services provider. Like the existing 34 LISC Centers in eight other cities, it will offer one-on-one financial counseling and coaching, financial education workshops, and employment services to residents facing significant economic pressure.

Financial Opportunity Centers provide one-on-one counseling that helps families respond to specific financial challenges, such as unmanageable debt or housing affordability issues. And they add ongoing financial coaching that helps clients develop a financial roadmap and achieve long-term financial goals.

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