FROM THE OFFICE OF PUBLIC AFFAIRS

Treasury Assistant Secretary for Financial Institutions Wayne Abernathy today presented the Sacramento Mutual Housing Association, Sacramento, CA, with an honorary certificate of recognition for its efforts in teaching financial education to individuals in mutual housing communities throughout Sacramento, including non-English speaking residents.

“This financial education program, which offers classes in languages such as Hmong, Russian, and Spanish, is an excellent example of how partnerships between community-based organizations, foundations, and financial institutions can make the financial mainstream more accessible to all people in the United States, whether they have lived here their entire lives or only recently arrived in this country,” said Assistant Secretary Abernathy. “It is rewarding to hear how the graduates of this program have used what they have learned to go on to purchase a first home, pursue higher education, or start a small business.”

The Financial Education Workshop Series began in the spring of 2001 and is free to all participants. “At Sacramento Mutual Housing Association we believe that financial education and individual development accounts are crucial components to building assets for low-income families and communities,” said Rachel Iskow, Executive Director. “We are honored that Secretary Abernathy is recognizing the innovativeness of this program and the hardworking families that are using these tools to break free from poverty.”

The Sacramento Mutual Housing Association is a non-profit corporation that develops, owns, and operates affordable multi-family housing to serve the community interest. Its mission is to develop and operate permanently affordable housing that builds strong and stable communities through resident participation and leadership development. The Financial Education Workshop Series is a collaborative effort of the Sacramento Mutual Housing Association, Mercy Housing California, and the Sacramento Valley Organizing Community, supported by the American Express Foundation, the Allstate Foundation, and the Neighborhood Reinvestment Corporation. The Workshop consists of six two-hour classes covering topics such as budgeting, basic banking, credit improvement and maintenance, money management, being a smart consumer, and building assets.

The Treasury Department’s Office of Financial Education has been designated by Congress to lend its expertise and provide primary support to the Commission to assist it in fulfilling its functions and duties. The Office of Financial Education (OFE) was established in May 2002, as part of the Treasury Department’s long-term commitment to ensure that all Americans have access to financial education programs that will help them make informed financial decisions throughout their lives.

More information about the OFE can be found at: www.treasury.gov/financialeducation .