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• Phase 1 (2023): Program marketing support through a cross-promotional campaign with Pathways program and other income growth City initiatives. • Phase 2 (2024-2025): Provide budgeting, savings, and credit review support for residents seeking to apply for a mortgage. • Phase 3 (2026-Onward): Add financial support for residents who have completed the requisite consultation and financial management technical assistance programs. Through these enhancements, the increased education and outreach efforts can increase the visibility of available programs in Kennedy and LaSalle Park, increasing access to asset acquisition support for homeownership and building wealth as a result. Exploration of a Financial Empowerment Center March 2023 – December 2023 In 2023, the City of South Bend plans to apply for funding from the Cities for Financial Empowerment Fund (CFE Fund) to create a Financial Empowerment Center (FEC). Financial Empowerment Centers offer professional, one-on- one financial counseling as a free public service to enable residents to address their financial challenges and needs and plan for their futures10. Professionally trained FEC counselors help residents manage their money, pay down debt, increase savings, establish and build credit, and access safe and affordable mainstream banking products. The model is based on four core tenets. First, people in financial trouble need individualized help, not just education. Second, they should receive high-quality services from a professional, trained counselor. Third, financial counseling works well as a public service: city government is a trusted voice amidst scams and complicated financial choices, a natural convener of partners, and can implement and market services at scale. Finally, financial counseling fits naturally with other social services, helping to bolster residents’ underlying financial stability and improve their ability to achieve other social service outcomes. In this initial phase exploratory phase, the City will work with the CFE Fund and local community partners the IMPower Center and Near Northwest Neighborhood, Inc. to develop a plan for the Financial Empowerment Center, with the intention of the newly renovated Martin Luther King Jr� Community Center serving as the FEC hub in 2024. This work includes research, collaboration, and preparation to provide one-on- one financial counseling as a municipal service for South Bend residents. The IMPower Center is a community-based resource center that provides financial education, small business support, resource connections.11 and Near Northwest Neighborhood, Inc. invests financial and human resources to positively impact residents of the Near Northwest Neighborhood and other target neighborhoods.12 Housing the Financial Empowerment Center in the Martin Luther King Jr. Community Center will help to: • Build equitable and flourishing neighborhoods by geographically placing financial empowerment services on the West Side, allowing financial empowerment services to be more easily accessible to the KPI TARGET METRIC DESIRED OUTCOME Awareness of available financial stability and homeownership resources In coordination with other City wealth building initiatives, share homeownership resources with 100 recipients at 10 events Increase awareness about resources for financial stability and homeownership Number of participants assisted by financial counseling Move at least 10% of those receiving financial assistance to become mortgage ready per year Increase financial stability and wealth building opportunities of residents Key Performance Indicators (2023 – 2024) 32 FINANCIAL EMPOWERMENT BLUEPRINT