More than 29 percent of Dallas residents are asset poor and the Lake Highlands neighborhood in northeast Dallas is home to one of the most dense populations of low-to-moderate income families. Dallas-based nonprofit, Consumer Credit Counseling Service of Greater Dallas (CCCS), with the grant support from the United Way of Metropolitan Dallas and Citi, has already started providing free one-on-one counseling and financial literacy education in the Lake Highlands neighborhood through the Lake Highlands Financial Stability Initiative (LH-FSI). In conjunction with the LH-FSI, CCCS is excited to announce the Accountable-Inspirational-Motivational (A.I.M.) Individual Development Account (IDA) which is a financial capability program for low-to-moderate income residents in the Dallas area.
The IDA or matched savings account will allow for A.I.M. participants to save $25 per month with up to a $25 match from CCCS while completing a 12-month financial capability program combining counseling, coaching and education. Any individual or household residing in the geographic service area that earns 80 percent or less of the area median income as prescribed by the Section 8 low income guideline by HUD ($56,080) are eligible. A.I.M. participants will also be required to meet 12 touchpoints during a twelve-month period, including:
• 3 one-on-one counseling sessions
• 3 coaching sessions
• 6 financial education classes
The Lake Highlands Financial Stability Initiative is also a 12-month program launched from the United Way’s Community Financial Stability Initiative and 2020 goal to bring 250,000 Dallas residents out of poverty by the year 2020. Through the program, Lake Highlands residents will be challenged to reach three financial capability goals and in return will receive free financial counseling and education in the Lake Highlands neighborhood from trained CCCS counselors and educators. In addition, CCCS will be working with Lake Highlands’ residents to help them identify traditional banking and credit union institutions that are appropriate for them.
The three goals for participants in the Lake Highlands Financial Stability Initiative and A.I.M. are:
- Reduce debt
- Increase and/or establish credit
- Create emergency savings accounts
“Fighting asset poverty with programs like the Lake Highlands Financial Stability Initiative and A.I.M. will be critical to meeting the United Way’s 2020 goal and ensuring Dallas is set for a healthy financial future,” said Todd Mark, vice president of education for CCCS. “Providing the established counseling and education programs directly into the Lake Highlands neighborhood through community partnerships has already started to pay off in our outreach efforts. With the support of the United Way, Friends of Consumer Freedom, Citi, community partners, apartment community managers, City of Dallas leadership and faith-based organizations in Lake Highlands, we are excited to see the impact for this pilot program.”
A.I.M. is a three-year program established to help 400 participants each year to create emergency savings and is supported by grants from the United Way of Metropolitan Dallas and donations from Bank of America, Wells Fargo and Capital One.
Financial counseling and education has already started in the Lake Highlands neighborhood. CCCS is offering one-on-one counseling at Highlands Oaks Church of Christ on Tuesdays, Healing Hands Ministries on Wednesdays and at The New Room on Thursdays. Counseling sessions are open from 9 a.m. – 5 p.m. Lake Highlands residents can schedule counseling appointments by calling 214-540-6837.
Upcoming financial education classes in Lake Highlands include:
• Saturday, Nov. 16 at The New Room – 12:30 p.m. (food and childcare provided)
• Sunday, Dec. 8 at Episcopal Church of the Ascension – 1:30 p.m.
• Saturday, Dec. 21 at Highland Oaks Church of Christ (Arms of Hope) – 11 a.m.
Additional in-person financial education classes are currently being scheduled at various locations throughout the Lake Highlands neighborhood. Review and register for CCCS webinars by visiting www.cccs.net/webinars.
For more information on free budget and credit counseling and financial education, visit www.cccs.net or call 214-540-6837.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community-based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet at 10 locations in three states. CCCS of Greater Dallas is a HUD-approved housing counseling multi-state organization and serves as one of seven counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation’s largest and longest serving national nonprofit credit counseling network. CCCS of Greater Dallas is a service partner of United Way of Metropolitan Dallas. To learn more about CCCS of Greater Dallas’ free seminars or the agency’s services, call 800-249-2227, visit www.cccs.net or become a fan of CCCS of Greater Dallas on Facebook to receive updates on agency events and offerings.