Historically, low-income individuals and families in communities of color have been marginalized through a lack of knowledge about mainstream financial concepts, products and services. They have had very limited exposure to financial institutions, financial products, or retirement planning and investment tools such as 401(k)s, mutual funds, insurance products, small business loans and products, CDs other asset building opportunities. They often fall prey to predatory check-cashing, pay-day, refund anticipation loans, mortgage and high-cost car loan and credit card services. With this understanding, Lao Family has been working to develop an integrated way to deliver asset-building services to working families with low incomes and no or low assets. We enable them to participate in wealth-building activities that are typically reserved for the middle- and upper-classes. Lao Family provides the following asset building services:
- Homeownership- Our Multilingual Homeownership Department provides first time homebuyer and foreclosure prevention counseling.
- Financial Education- We provide one-on-one financial coaching, income supports, and financial education.
- Income Tax Assistance- The volunteer income tax assistance program (VITA) helps low-income clients file their taxes each year.