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2005 Press Release

Contact:  
Neil Cotiaux, Federal Home Loan Bank of Pittsburgh: 412-288-2851;
      cell: 412-335-9488  
Greg Monito, Job Corps Outreach Specialist: 412-471-6123
LouAnn Ross, Neighborhood Housing Services: 412-281-9774

JOB CORPS, 'MY MONEY, MY LIFE' PARTNER FOR YOUNG ADULTS;
FREE JOB TRAINING, CAREER COUNSELING WILL SUPPLEMENT FINANCIAL EDUCATION

PITTSBURGH, PA, August 19, 2005 — As it approaches its first anniversary, My Money, My Life, the financial fitness program for young adults in Allegheny County, is adding a new dimension: free job training and career counseling.

Starting immediately, participants in the free, twelve-hour, after-school course will be able to apply for academic, vocational and skills training at Job Corps, a U.S. Department of Labor job training program. My Money, My Life teaches setting financial goals, budgeting, understanding credit, appreciating risk, saving, investing and consumer spending. Job Corps offers more than 100 trades and 40 college programs at no cost to the student. Launched last November by the Federal Home Loan Bank of Pittsburgh (FHLBank) with the support of Allegheny County Chief Executive Dan Onorato and a group of area banks, My Money, My Life aims to counsel at least 1,000 young adults by 2009 — now with the added benefit of jobs training.

"While sound financial skills are critical to success in life, young adults who are at risk need access to employment opportunities to earn the money that we teach them to manage wisely," said Eric Dickerson, deputy director of Community Investment at the FHLBank. "Partnering with Job Corps is an excellent way for our students to receive this opportunity."

Founded in 1964, Job Corps has provided more than two million disadvantaged young people with the integrated academic, vocational and social skills training they need to gain independence and get quality, long-term jobs or further their education. Today, Job Corps serves nearly 70,000 students a year at 118 Job Corps centers throughout the country, including the Pittsburgh Job Corps Center at 7175 Highland Drive in the East Liberty neighborhood. Dynamic Educational Systems, Inc. (DESI) manages the Job Corps Admissions Office in Pittsburgh.

Job Corps enjoys one of the highest placement rates among the nation's job training programs. Eighty-two percent of program enrollees are hired in the private sector, enlist in the military or advance to higher education. More than 18,000 students obtain a GED each year. In addition, a college program at the Community College of Allegheny County (CCAC) is available at no cost.

"Going forward, Job Corps will be able to affect the lives of additional young people by reaching at least 200 My Money, My Life students per year," said LouAnn Ross, executive director of Neighborhood Housing Services, Inc. (NHS), administrator of the financial fitness program. To track the success of each student, Job Corps will provide one- and two-year updates on their progress.

All participants in My Money, My Life complete an evaluation to measure their financial knowledge and degree of financial self-direction. At graduation, any participant with an attendance record of 80 percent or better is eligible for a fee-free savings account and initial $100 deposit. In addition, parents, guardians or caregivers attending the graduation ceremony receive a certificate to enroll in NHS' financial literacy/homebuyers clubs or receive credit restoration counseling at no cost. Scheduled follow-ups on Job Corps referrals will be yet another way to track the growing success of My Money, My Life graduates.

"We at Job Corps look forward to helping participants in My Money, My Life get a fresh start through our programs," said Gregory T. Monito, Job Corps outreach specialist. "NHS knows firsthand what Job Corps can do. A family member of one of their employees is a very successful Job Corps graduate. Our Pittsburgh Center currently serves nearly 1,000 young men and women. We welcome additional students."

In addition to the FHLBank of Pittsburgh, the founding sponsor, charter members of My Money, My Life include: Allegheny County, ESB Bank, Iron & Glass Bank, Laurel Savings Bank, National City Bank, Northwest Savings Bank, PNC Bank, Sewickley Savings Bank and Sky Bank. More recently, Dwelling House Savings and Loan Association became a partner, and the Heinz Endowments contributed $100,000 to help underwrite instructional staff and other administrative functions.

With $61 billion in assets, the FHLBank of Pittsburgh uses private capital to provide a steady stream of low-cost funding to nearly 340 member financial institutions. Created by Congress in 1932 to support housing finance, the Bank in more recent years has expanded its mission to include financing for business startup and expansion and a variety of community and economic development needs.