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Tennessee Housing Development Agency Joins Money Smart Alliance Program

MS-16-2004 (10-21-2004)
Media Contacts:
Clinton Vaughn (901-818-5706)
David Barr (202-898-6992)

The Federal Deposit Insurance Corporation (FDIC) today announced that the Tennessee Housing Development Agency (THDA) has joined its Money Smart Alliance Program. THDA administers funding for affordable housing for the state of Tennessee in the form of grants, tax- exempt bonds, and Low Income Housing Tax Credits for multi-family housing. It also administers the Section 8 rental assistance program for the state.

“At the FDIC, we recognize that homeownership is the key to building wealth for millions of American families,” said FDIC Chairman Don Powell. “We also recognize that with the financial demands on today’s families, keeping a home can be a major challenge. We’re optimistic that our partnership with THDA, and the use of Money Smart as a tool for building financial management skills, will help prepare families in Tennessee for homeownership, keep them in their homes, and build a lasting financial foundation.”

THDA provides housing assistance to low- to moderate-income first-time homeowners by offering mortgages at below-market interest rates. It also provides training through its statewide network of Homebuyer Education Counselors. THDA’s 181 homebuyer counselors and trainers serve the 95 counties in the state. To date, the FDIC has held Money Smart training classes for 53 of THDA’s counselors. During calendar year 2003, THDA provided $234.5 million in mortgages to more than 2,600 low- to moderate-income families. By year-end 2004, THDA will have counseled approximately 8,000 potential first-time homebuyers. THDA will use the Money Smart program as part of the pre-purchase counseling offered to first-time homebuyers.

“The FDIC is delighted to have the opportunity to partner with THDA in the important work they do for the state of Tennessee,” said Money Smart National Coordinator Lee Bowman. “THDA has a solid track record in preparing families for homeownership, and we are happy to be able assist them by providing another tool to help families manage their money and continue building greater assets and a legacy for their families.”

“THDA is pleased to work with the FDIC to bring the Money Smart program to more Tennesseans,” said Janice Myrick, THDA’s Executive Director. “Learning basic money management skills is a good first step toward successful homeownership.”

The FDIC developed the Money Smart financial education program to help low- and moderate-income adults understand basic financial services, develop money-management skills, and learn to use banking services effectively. Money Smart is available from the FDIC in English, Spanish, Chinese, Korean and Vietnamese and is free of charge to the user.

On September 15, 2004, the FDIC released an interactive Computer-Based-Instruction (CBI) version of Money Smart, which is available in both English and Spanish. The CBI version can be used to complement formal classes, serve as a refresher course, or for independent study. The CBI is available in two formats: as a CD-ROM and on the FDIC’s Web site.

Instructions for obtaining copies of the curriculum can be found by clicking on the Money Smart link at www.fdic.gov, or by calling (202) 942-3404.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s 9,079 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC’s Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 10/21/2004 communications@fdic.gov

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