NeighborWorks Salt Lake acquires AAA Fair Credit Foundation

NeighborWorks Salt Lake (NWSL), a 45-year-old, comprehensive neighborhood revitalization organization, has announced that it has acquired AAA Fair Credit Foundation, a HUD-approved 501 (c)(3) nonprofit organization established to help consumers expand their financial capabilities.

“The mutually beneficial merger preserves a robust range of essential resources for Utah communities,” Neighborworks said in announcing the acquisition.

Since 1997, Fair Credit Foundation (FCF) of Salt Lake City has helped thousands of individuals and families increase their long-term financial security with free education and counseling services, designed to reduce debt and increase savings. FCF’s entire staff and the services provided for those facing economic and socio-economic challenges will continue under the NeighborWorks umbrella. Combined, NWSL will provide individuals, families and communities more efficient and effective financial literacy and community support options as it works to preserve sustainable Utah neighborhoods, the organization said.

“As we considered merge partners, NeighborWorks was our first choice,” said Steve Fitzpatrick, Fair Credit Foundation board chairman. “Each year, FCF assists nearly 3,000 individuals through its various programs. Aligning with NeighborWorks will substantially increase customers’ access to the many resources offered by both organizations and allows for a more profound community impact with more clients served at a higher level. Our board is confident Fair Credit’s mission will continue under the capable leadership of the NeighborWorks team.”

Fitzpatrick said the acquisition aligns with NWSL’s mission to lift community resources and partners to build and sustain neighborhoods of choice. “NeighborWorks greatly benefits from joining forces with Fair Credit Foundation,” said Maria Garciaz, NeighborWorks’ CEO. “Financial education plays a pivotal part in our efforts to create new homeownership opportunities, as well as new economic opportunities for families and small businesses in the communities we serve. This union will beautifully preserve both organizations’ legacies and bolster our community impact moving forward.”

NWSL works in partnership with residents, government and businesses to build and sustain neighborhoods through housing construction, business development, land development, community improvement projects, youth development programs, infrastructure improvement and more.

Founded in 1997, AAA Fair Credit Foundation works for the financial literacy needs of the underserved. Key services include one-on-one financial coaching, specially matched individual development savings accounts, debt management plans and financial classes, and it is the host organization for Salt Lake City’s Bank-On program.