Financial Literacy

Creating a Strong Financial Foundation

Nazareth Housing delivers essential economic and financial literacy services designed to help households understand, manage, and build their economic resources and financial capability.

Our MoneyLab program creates stable futures for families by building their economic resources and financial stability. With programs such as free VITA tax preparation, EITC screenings, one-on-one budget preparation, financial capability workshops, savings linkage resources, debt reduction advocacy, and credit repair services, MoneyLab ensures that the short-term financial emergencies that brought a family to Nazareth Housing do not happen again.

A Multidimensional Approach

Financial coaches at Nazareth Housing create long-term plans and work with clients each step of the way as they steadily create a solid financial foundation upon which to create a bright and rewarding future.

88% of the families that Nazareth Housing assists make less than 30% of the Area Median Income, or about $28,170 for a family of three. With soaring costs of housing and other necessities, effective family budgeting is critical to help families understand, manage, and build their economic resources and financial capability.

Nazareth Housing helps families prepare for the future with personalized consultations on how to open a bank account, effectively use savings accounts, plan for their children’s college, and more.

Excessive debt burdens a family and prevents long-term financial stability. Nazareth Housing financial coaches work with families to create payment plans that fit their budget and, when possible, reduce debt.

A poor credit rating can be a major barrier to housing and overall family well-being. A family with poor credit may have to pay higher fees or higher interest rates, and therefore higher monthly payments. By taking proven steps to effectively manage student loans payments, child support, and credit card debt, Nazareth Housing helps families build their credit and save money in the long-term.

From January to April of each year, Nazareth Housing provides free tax preparation services to the Lower East Side community. Each year volunteers prepare thousands of tax returns, ensuring that tax documents are complete, accurate, and that all clients are connected with any helpful programs they may qualify for.

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“I needed to fix what was holding me back: my student loans and my child support. Nazareth Housing helped me out with that. I’m out of default now and it’s a big weight off my shoulders. My future is a bright light and anything is possible.”
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Nazareth Housing Client

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