For Immediate Release
Hope Rewarded with Success in Tough Times
Mt. Hope Financial Literacy Program, Aided by Citibank, Pays Off In Improved Lives
BRONX, NY (June 10, 2003) A ceremony marking the opening of 200 potential IDA (Individual Development Accounts) at Citibank was held today at the Citibank Fordham Financial Center. Mount Hope Housing Co., Inc., which was the first organization to offer IDA programs in New York, is transferring all of its IDA accounts to Citibank. The IDA program, part of a comprehensive Mt. Hope financial literacy effort geared to Bronx residents in need, is preparing to more than double availability of IDA accounts to residents, which matches one dollar to every two dollars saved. The savings are then applied to starting a business, continuing education or buying a home. The participants attend a Mt. Hope financial literacy course called Money Management University. “We’ve had such great success stories coming out of the program,” said Shaun Belle, Mount Hope Housing’s President and CEO, “People who otherwise couldn’t have afforded it are starting their own businesses and buying homes. We wanted to make every effort to offer these invaluable financial tools to more of our residents.”
During the ceremony Citibank presented a $50,000 check to Mt. Hope Housing Company to help support the financial literacy program. "At Citibank, our goal is to have a positive impact in the communities where we do business and where our customers and employees live and work," said Hector Ramirez, Citibank Vice President and Director for Community Relations for the Bronx. "We are excited about Citi's partnership with Mount Hope's IDA Program, which helps individuals gain financial freedom by learning more about wealth and asset building. In addition, our support goes beyond the grant dollars and includes our bankers working with individuals and Mount Hope to accomplish the mission."
Michelle Heath, one of three IDA participants highlighted at the ceremony, is an example of how the program has a positive impact on the community. She explained how opening her IDA account in 2001 allowed her to save enough to expand her family daycare service to provide 24-hour care. Ms. Heath now operates a full after-school program with classes in English and Spanish. She is currently looking for a second location. “I was raised in this community,” she said. “Both my parents have been very active here. By expanding my business, I’ve been able to offer more kids a safe place to learn and play, and to help more low-income parents who need care for their children so they can work.”
Contact:
Lynn Honeysett (914) 548 9652
Brenda Jones, Mt. Hope (718) 299 7177, ext. 12
About Mt. Hope Housing Co., Inc:
Mount Hope Housing Company was founded in 1986 in response to the deterioration of the Mount Hope community of the Bronx. Providing affordable housing as its foundation, Mt. Hope empowers the community through a comprehensive range of programs including youth services, employment services, financial programs, childcare, job training and life skill programs.
About Citibank:
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.