Tuesday: United Way and SPIN to Launch Financial Stability Center in Lynn
09/18/2009
BOSTON - In a community where unemployment has climbed to double digits over the past year, United Way Massachusetts Bay and Merrimack Valley and Serving People in Need, Inc. (SPIN) will next week launch an innovative center to help families in Lynn move beyond safety nets and achieve financial stability. On Tuesday, September 22nd at 11 am, Mayor Chip Clancy and Federal Reserve Bank AVP Marques Benton will join the grand opening of the United Way Financial Stability Center, powered by SPIN, at 270 Union Street in Lynn.
The Center aims to help individuals and families break out of intergenerational poverty by creating an integrated path from crisis to financial stability. It will bring together a network of more than a dozen profit and non-profit organizations to provide an array of financial education, support services, and other financially-focused opportunities.
Lynn has been hit particularly hard by the current recession. The city's unemployment rate dramatically increased from 6.4 percent in June 2008 to 10.8 percent in June 2009. The Financial Stability Center will combine response for immediate needs with individualized plans for long-term economic empowerment. For example the IRS estimates that $3.2 million in Earned Income Tax Credits is left behind each year by eligible workers in Lynn who are simply not aware that this credit is available. The United Way Financial Stability Center, powered by SPIN will promote EITC awareness in Lynn and counsel clients on free tax filing, matched savings accounts, and basic banking information.
United Way and SPIN estimate that in the first year 500 families (1500 individuals) will be connected to the services they need to move toward financial stability. Some of the opportunities include:
- Financial Education, Credit Counseling, Basic Banking
- Free Tax Preparation/ EITC (Earned Income Tax Credit)
- Computer and job-related skills (ESOL, ABE, GED)
- Financial Aid Application Assistance
- Matched Savings
- Housing Services Referral, Homebuyer Education, Foreclosure Assistance
- Case Management with cross-trained staff
At the launch, Michael Durkin, president and CEO of United Way will announce a commitment of $1 million over the next five years to support the Financial Stability Center. The event will be followed by a tour of the facility. Cameras are welcome to film any of the financial education classes in session at the time of the celebration. In addition, Victor Campusano a Lynn resident and program participant of the Center will be on hand to share his experiences.
WHO: Mayor Chip Clancy, City of Lynn
Michael K. Durkin, President, United Way of Massachusetts Bay & Merrimack Valley
Mark DeJoie, Executive Director, Serving People in Need (SPIN)
Marques Benton, Assistant Vice President of Public and Community Affairs, Federal Reserve Bank
WHEN: Tuesday, September 22, 2009 | 11 a.m. - 11:45 a.m.
WHERE: 270 Union Street, Lynn, MA
