By Dustin Tyler Joyce
February 11, 2008

The United States Conference of Mayors’ National Dollar Wi$e Campaign awarded its annual Capacity Grants for Financial Literacy to the cities of Santa Fe (NM), Caguas (PR), and Jackson (MS). The awards, funded by Countrywide Financial Corporation, were presented to the mayors and representatives of the recipient cities at the 76th Winter Meeting of The U.S. Conference of Mayors in Washington (DC) on January 25.

“Recent events have taught us that financial education is more important now than it has ever been,” said USCM President Trenton Mayor Douglas H. Palmer. “These cities are doing exemplary things to help their citizens become more financially literate, and the programs we’re recognizing through these awards show great promise for the future. We commend their efforts.”

Santa Fe, Caguas, and Jackson received Dollar Wi$e Capacity Grants to expand their local programs that further the cause of financial literacy and promote wise personal money management. Santa Fe was awarded $25,000 and Caguas and Jackson each received grants of $15,000 to boost their local initiatives.

Santa Fe will use its $25,000 grant to strengthen its partnership with Homewise, a local nonprofit working to ensure the financial security of Santa Feans entering homeownership. In the coming months, the funding will boost efforts to reach over 3,500 low-income residents, offer ten financial-literacy workshops, and increase enrollment in Savesmart, Homewise’s automatic savings program, by 100. The partnership will also continue its work with local businesses to hone employees’ financial literacy.

Santa Fe Mayor David Coss has led the initiative to create affordable housing and help lower-income residents achieve homeownership. “Santa Fe is very pleased and proud to receive this award. We work hard with our partners on the issue of affordable housing, and are glad to see that the Conference of Mayors and the Dollar Wi$e Campaign are helping all cities develop the tools to provide affordable housing opportunities across the country,” Coss said.

Caguas plans to use its grant of $15,000 to recruit a full-time employee to oversee expansion of the city’s financial-literacy efforts. Speaking on why his city is involved in financial literacy, Mayor William Miranda Marín explained, “We have set an agenda of transformation to instill in our citizens a sense of pride, empowerment, and self-reliance.” The program will provide additional individualized counseling to families participating in the city’s Child Trust Fund. The city will also implement a citywide public-media campaign on financial literacy and a “Train the Trainer” program.

Jackson will use its $15,000 award to build its Youth Credit Initiative. The initiative, developed under the leadership of Mayor Frank Melton, will continue its approach of hands-on instruction while expanding the population reached. “My administration strongly supports all programs that serve to enhance our young people’s quality of life,” stated Melton. “We’re especially eager to promote those initiatives that will teach them to make better choices and manage their personal finances more responsibly as they mature and enter the workforce.” The funding will also allow Jackson to increase the curriculum materials available to participants and expand the number of partners involved in the city’s effort.

The Dollar Wi$e Capacity Grants Program awards grants to cities that participate in the Dollar Wi$e Campaign and demonstrate outstanding and innovative ongoing financial literacy programs for their citizens. Countrywide Financial Corporation is the founding sponsor of the Dollar Wi$e Campaign.

“I want to thank all the mayors for their strong participation in this campaign to promote financial education across America,” said Palmer in presenting the awards. “If ever there was a time to promote financial literacy, it is now.”

For more information on the Mayors’ National Dollar Wi$e Campaign, contact Dustin Tyler Joyce at 202-861-6759 or djoyce@usmayors.org, or visit dollarwiseonline.org.