People who live in low-income neighborhoods often wind up paying more for the basics when they don't have that extra money to spend. The City of St. Petersburg is taking steps to help people make better financial decisions and teach them how to budget.
A new grant has the potential to change thousands of lives.
Gasoline, car loans, cash advances can all have higher prices in low-income neighborhoods.
“Every month you’re thinking about how am I going to get money to pay this bill? How am I going to get money to pay this rent?" Endia Hogan said.
Hogan is working with Neighborhood Home Solutions to get her finances in order and buy a house. A new grant secured by St. Petersburg officials will give more support, teaching budgeting and financial literacy to people in low-income neighborhoods.
“They may not have a checking account, they certainly don't have a budget, they don’t have access to legitimate credit," Councilman Karl Nurse said.
“I’m tired of paying $700, $800 in rent for a one bedroom. That’s ridiculous," Hogan said.
This grant will connect St. Petersburg with seven other cities, also making changes. The $65,000 grant will go toward finance classes and one-on-one assistance.
“When you think about it, the people with the least need the most help budgeting," Nurse said.
This help will get Hogan to meet her goal.
“Have me a home, a dream home, where me, my grandkids can come visit. I have 10 grandkids," she said.
Financial help is expected to start in April.
