For Immediate Release

CITY OF NEWARK, NEWARK NOW, AND SINGLESTOP USA OPEN NEWARK NOW'S FINANCIAL EMPOWERMENT CENTER

Center provides asset-building services, financial and legal Counseling and other programs to aid Newark residents

Newark, NJ – April 9, 2009 – Mayor Cory A. Booker, North Ward Council Member Anibal Ramos, Jr., New Jersey Department of Banking & Insurance Director Terry McEwen, Newark Now President and CEO Edgar C. Izurieta, SingleStop USA CEO Elisabeth Mason, representatives from Capital One Bank and other Newark dignitaries cut the ribbon for Newark Now's Financial Empowerment Center, located at 103 Bloomfield Avenue, at a Noon ceremony today.

For the Financial Empowerment Center (FEC), Newark Now has partnered with national non-profit SingleStop USA to adopt its "One-Stop-Shop" model of comprehensive services. With the launch of this new initiative, Newark Now continues to build upon the success of its hugely popular Newark Now VITA, Refund Now, Individual Development Account, and Financial Education programs.

Mayor Booker said he was very proud to see the evolution of Newark Now's programs, which have become a pillar of financial strength for Newark residents. He called the opening of the new Newark Now center not just a program or initiative but part of a larger city-wide grassroots financial empowerment movement. "We are facing a serious economic crisis as a nation, state, and City," Mayor Booker said. "By uniting with Newark Now, SingleStop USA and our other partners to implement this program, we are taking proactive steps to ensure that Newarkers have access to much-needed benefits that will provide the assistance required to adequately support themselves and their families."

The commuter-friendly storefront offers multiple asset-building services, including matched savings accounts, free quality tax preparation services, one-on-one financial and legal counseling and access to life-changing benefits such as free health insurance and food stamps.

"We partner with community-based organizations like Newark Now to unlock the vast resources set aside by the government to support the working poor," said Ms. Mason. "At these sites, families learn of their eligibility for a host of resources and services at one location in just 15 minutes. In addition, we offer free tax preparation services, financial counseling, and access to expert legal counseling. Our sites are one-stop shops where inefficient thinking and isolated stopgap measures are replaced by a common-sense, holistic approach, allowing families to solve multiple problems in a single location."

The Financial Empowerment Center (FEC) directly connects thousands of Newarkers annually to important governmental, financial, and legal services. The FEC operates Volunteer Income Tax Assistance (VITA) and Refund Now sites that provide free tax preparation services for Newark families with a combined household income of less than $40,000 a year, as well as individuals with no dependents earning $25,000 or less per year. Last year the program helped save Newark residents nearly $400,000 and had an impact of more than $4 million.

"What started as a tax site and regular financial education classes on budgeting, money management, and the Earned Income Tax Credit has now evolved into a Center whose sole focus is asset-building for Newark residents," Mr. Santiago said. "We thank Mayor Booker for his vision of financial empowerment and his continued support for the community."

The FEC program began five years ago as a single tax-assistance site in a Newark brownstone. Today it provides tax-filing services at City Hall, NewarkWorks, and other locations throughout Newark.

FEC described two success stories: Jose M. came to the organization in November 2008 seeking help for Food Stamps, Legal Aid, and other benefits. Having already received Section 8 benefits, FEC was able to assist him with on-line applications and benefits, providing Jose with an Electronic Benefit Transfer (EBT), which he now uses regularly. The FEC continues to provide Jose monthly assistance with various other issues, including Legal Aid referrals, resolving utility bill complaints, and addressing heat-related issues with his building's management.

In the second case, Luis C. sought assistance with Food Stamps and Medicaid. Luis, who suffers from epilepsy, had never received a letter from Medicaid and as a result was changed to a Health Maintenance Organization (HMO). Though the HMO would not cover the medications he needed, the FEC was able to assist him in switching back to his original coverage. Luis now has his EBT card and is receiving the medical assistance he needs.

"I feel very happy with my Refund Now this year. I also really appreciated all the information that I got this year from the Financial Empowerment Center. I will recommend the service to other people," said Newark resident and FEC participant Sonia Garcia.

The following are a list of services that the FEC provides to people in the community:
• Free benefits screening and help with claiming food charge cards and vouchers, child-care assistance, tax credits, and health care.
• Free on-site referrals to family counseling for help addressing problems, including domestic violence, substance abuse and mental health care.
• Free professional tax preparation and filing which. Through the VITA and Refund Now programs the FEC is able to assist clients in getting back the money they have earned at no cost and in some case in as little as two days.
• Free financial counseling one on one sessions with a trained professional on credit issues, debt issues, budget management and savings strategies.
• Free Financial Literacy & Credit related workshops.
• Free legal counseling concerning housing and tenant issues.
• Access to their Individual Development Account (IDA) program where FEC will match a client's savings on a 2 to 1 basis. The money can be used for asset building in one of the following areas: Higher Education, homeownership, or starting a new business or expanding an existing one (eligibility is based on income).
• Access to reduced prices for medical prescriptions and in some cases free prescriptions for those who qualify.

ABOUT SINGLESTOP USA

SingleStop USA is a highly regarded not-for-profit organization that aims to reduce poverty in the United States by helping individuals and families access billions of dollars in life-changing public benefits and tax credits and providing essential financial and legal counseling services. SingleStop USA builds a bridge between low-income households and the vast untapped government resources intended for them.

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