CLERGY AND CORPORATE LEADERS LAUNCH FINANCIAL LITERACY INTIATIVE
Efforts Targeted to Wipe Out Economic Illiteracy In Communities of Color
Efforts Targeted to Wipe Out Economic Illiteracy In Communities of Color
By Keith L. Forest
On Monday, January 14, the eve of Dr. Martin Luther King, Jr’s birthday, some of the tri-state areas leading civic, professional and community leaders gathered together to take immediate action against our community’s latest epidemic – financial literacy.
Under the leadership of Rev. Dennis A. Dillon, Publisher/CEO, The New York Christian Times, the Economic Literacy Coalition launched its LEAD (Literacy and Economic Awareness Drive) Week initiative. “Through the ‘House for You’ initiative which we was started in 1995, thousand of New Yorkers became home owners,” stated Rev. Dillon. “We are proud to say that the majority of them happily maintained their property. However, due to predatory lending practices that we were unaware of, some of these homeowners are now facing foreclosure.”
Headed by Rev. Marline Thomas, President and Chairman of Economic Literacy Coalition, LEAD Week is “committed to finding solutions” for this recent financial crisis. Critical phases of the agenda will include “homeownership education and pre and post purchase counseling,” Says Rev. Thomas. “We are motivated by the present challenges to bring meaningful solutions to our community.”
According to a US Senate Joint Economic Committee report, New York City leads the nation with over 15,000 foreclosures costing the state over 9.4 billion in lost property value and 102 million in lost property taxes. In New York City the borough of Queens was the hardest hit with an estimated year-end total of 6,039. Brooklyn came in second with over 4,860. Leading the way of this financial epidemic was sub Prime lending practices which targeted minority communities.
“With things being the way they are,” stated Rev. Thomas, “It makes more since to educate our (community).”
The official opening for the Economic Literacy Coalition, which works with corporate, church, civic, entertainment and academic communities in maximizing economic knowledge, will take place Monday, February 11, 2008, in downtown Brooklyn. ELC service will include one-on-one financial counseling and the intensive year-long education and media campaigns that will involve seminars and workshops, published material and radio commentaries. All activities will culminate with the Black Church Means Business Conference.
On Monday, January 14, the eve of Dr. Martin Luther King, Jr’s birthday, some of the tri-state areas leading civic, professional and community leaders gathered together to take immediate action against our community’s latest epidemic – financial literacy.
Under the leadership of Rev. Dennis A. Dillon, Publisher/CEO, The New York Christian Times, the Economic Literacy Coalition launched its LEAD (Literacy and Economic Awareness Drive) Week initiative. “Through the ‘House for You’ initiative which we was started in 1995, thousand of New Yorkers became home owners,” stated Rev. Dillon. “We are proud to say that the majority of them happily maintained their property. However, due to predatory lending practices that we were unaware of, some of these homeowners are now facing foreclosure.”
Headed by Rev. Marline Thomas, President and Chairman of Economic Literacy Coalition, LEAD Week is “committed to finding solutions” for this recent financial crisis. Critical phases of the agenda will include “homeownership education and pre and post purchase counseling,” Says Rev. Thomas. “We are motivated by the present challenges to bring meaningful solutions to our community.”
According to a US Senate Joint Economic Committee report, New York City leads the nation with over 15,000 foreclosures costing the state over 9.4 billion in lost property value and 102 million in lost property taxes. In New York City the borough of Queens was the hardest hit with an estimated year-end total of 6,039. Brooklyn came in second with over 4,860. Leading the way of this financial epidemic was sub Prime lending practices which targeted minority communities.
“With things being the way they are,” stated Rev. Thomas, “It makes more since to educate our (community).”
The official opening for the Economic Literacy Coalition, which works with corporate, church, civic, entertainment and academic communities in maximizing economic knowledge, will take place Monday, February 11, 2008, in downtown Brooklyn. ELC service will include one-on-one financial counseling and the intensive year-long education and media campaigns that will involve seminars and workshops, published material and radio commentaries. All activities will culminate with the Black Church Means Business Conference.
Photos by Sharon Bennett
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