Indianapolis-based nonprofit Foster Success has received a nearly $100,000 grant from the Indiana Housing & Community Development Authority to help expand its financial programs. The organization says the funding will be used to grow Foster Success’ Emergency Fund and re-launch its Credit Build program for teens and young adults currently in foster care or those who have exited the system.
“Young adults transitioning out of foster care continue to need support, especially when it comes to managing finances and gaining financial knowledge,” said Foster Success Chief Executive Officer and President Maggie Stevens.
Stevens says since September 1, Foster Success has received more than 25 applications for emergency funds and debt relief assistance. It was able to provide more than $2,800 in emergency funds for rent, utility payments, auto insurance, and auto loan payments during the month.
“These young people also need support learning how to build their credit and their savings so they can meet their financial goals and become financially stable,” said Stevens.
The Credit Build program helps teach teens and young adults who’ve been in foster care about building a stronger foundation through savings and finance coaching.