For ten years, Citi has supported the Mexican American Opportunity Foundation to provide financial capability programs for families and in-home child care providers’ small businesses. Through Citi Community Development’s guidance, MAOF now provides an array of services to help navigate and assist families in reaching their financial goals of becoming self-sufficient so they may avoid being victims of predatory financial products. “With Citi’s support, MAOF has been able to operate several programs such as the Volunteer Income Tax Assistance program which assists in returning over $2 million dollars annually to Los Angeles residents by way of federal and state tax refunds,” says Martin Castro, President and CEO of MAOF. MAOF now also provides financial coaching, financial education workshops and a credit building product to help families become financially secured.
“In Southern California, Citi enables low-to moderate-income Latino individuals and families to access employment, education, and homeownership in order to contribute to the economic success of the region,” says Rashi Kallur, Vice President and Citi Community Development Officer. According to data from FamilyAssetsCount.org, an initiative of the Corporation for Enterprise Development (CFED) in collaboration with Citi, nearly 76% of households in Los Angeles are “liquid asset poor,” which means they lack sufficient savings to live at the poverty line for three months.
A decade after first visiting MAOF, Citi employees such as Rashi Kallur still invest their financial expertise by educating youth who are a part of MAOF workforce development program. “Youth are our future. At Citi, we are committed to empowering Youth through economic opportunities and this is a gratifying experience,” says Kallur.
The Mexican American Opportunity Foundation is grateful to Citi for dedicating their time and money to families in need.