The city of Syracuse has received a $20,000 grant from the Cities for Financial Empowerment Fund to help low- and moderate-income city residents better manage their finances.

Syracuse was one of 12 cities nationwide to receive a grant from the organization, which works with mayoral administrations to help launch or test financial empowerment strategies.

In a collaborative effort, the city’s Innovation Team and Department of Neighborhood and Business Development are in the planning process for the grant, which could take six months to a year.

“We are pretty excited that the city of Syracuse is going to be part of this and the ability to provide one-on-one financial counseling would be really great for city residents,” said Tamara Lindsay, a principal for the Cities of Financial Empowerment Center initiative, which provided the grant. Lindsay previously worked at The Daily Orange as an editor.

The Cities for Financial Empowerment Fund has been active for the last five to six years. In that time, Lindsay said the organization has awarded more than $30 million in grants.

Lindsay said the organization’s focus is to provide funding and assistance to local governments while embedding financial empowerment programs and policies into various services.

“The way that we are working with Syracuse, we are providing a planning grant to help them launch a financial empowerment center,” Lindsay said.

This center would be a financial counseling center for individuals, Lindsay said, integrating services and providing one-on-one counseling to Syracuse residents.

“It is very data-driven … and it is also integrated within a number of different social services … if you are looking for work, looking to own a home, looking to stay in your home, if you have problems paying your bills,” Lindsay said.

Lindsay also said the application process was very competitive. She said Syracuse had a strong application, and organization representatives were looking for three things during the selection process — including strong local support, a strong area nonprofit and funding opportunities.

Stephanie Pasquale, deputy commissioner of the Department of Neighborhood and Business Development, said the plan is still in its early stages.

Pasquale said she’s not sure what role her department will play in the project, but she is excited.

Currently, she said there are no details about where the center might be located because the Innovation Team is working on the project. Innovation Team representatives were not available for comment on this story.

Lindsay said the center will help residents stabilize their finances by providing them tools to different resources.

“This is going to be able to help them deal with immediate needs … but also put them on a path to get them to be more financially stable,” Lindsay said.

Published on December 3, 2017 at 10:03 pm

Contact Bianca: bmoorman@syr.edu