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Mayor Bowser Launches Financially Fit DC Initiative

Monday, January 9, 2017

(WASHINGTON, DC) – Today, Mayor Muriel Bowser; Courtney Snowden, Deputy Mayor for Greater Economic Opportunity (DMGEO); Stephen C. Taylor, Commissioner of DC Department of Insurance, Securities and Banking (DISB); and DC Department of Housing and Community Development (DHCD) launched Financially Fit DC, a comprehensive financial literacy program designed to empower all District residents to take control of their financial health.

“We are focused on ensuring that every resident in the District has access to opportunities and financial educational programs that help to create more pathways into the middle class,” said Mayor Bowser. “Regardless of income level or background, every resident should have the opportunity to access tools for better financial decision making that can create more economic security for themselves and their families."

Financially Fit DC is driven by a web-based financial assessment tool that guides participants through the process of creating a workable budget, checking their credit, purchasing a home, and planning for retirement. The tool helps participants identify short-term needs and set lifetime goals through a personalized financial roadmap. This innovative approach aims to foster behavioral changes that will positively impact individuals and families over the long-term.

Throughout the year, the District will host community-focused clinics that connect residents to financial services. These clinics will address a variety of topics including gaining access to financial resources by using the federal Earned Income Tax Credit program, building a savings account, preventing financial fraud, preparing for retirement, and utilizing DISB’s Bank on DC program – a collaborative effort to create greater access to mainstream financial services in order to avoid potential high costs and fees.

The initiative also features the new Ward 7 DC Home Buyers Club. With funding from DHCD, University Legal Services, Inc. will host a peer-support club as a way to make homeownership more attainable for Ward 7 residents. Enhancing homeownership opportunities create pathways to the middle class, and the Bowser Administration wants to ensure all District residents – specifically those in underserved neighborhoods East of the River – have equitable opportunities to create wealth and generate equity through homeownership. The club will prepare Ward 7 residents for financial responsibilities, making smart decisions throughout the home buying process, and connect residents to resources for down payment, closing cost assistance, and mortgage products.

During the announcement for Financially Fit DC, Mayor Bowser was introduced by Nneka Azikiwe, a former intern with the Marion S. Barry Summer Youth Employment program, who was hired by the Department of Insurance, Securities and Banking to help operate the Bank on DC Program.

For more information to gain financial freedom, visit https://welcome.financiallyfitdc.com/.