Building Financial Assets

Helping low-wage workers gain more financial resources is a vital component of the Mercer Alliance’s efforts to prevent homelessness.

The Alliance co-leads with the City of Trenton a campaign to get every eligible worker in Mercer County to apply for and receive Federal and State Earned Income Tax Credits (EITC). The campaign is supported by JP Morgan Chase, PNC Bank, Sovereign Bank and TD Bank through the TD Charitable Foundation.

This chart illustrates the success of the EITC campaign from 2004-2008.

UPDATE

In 2008, IRS estimates that Mercer households failed to apply for at least $6 million in EITC refunds they were due. Receiving an EITC, which can reach $5,657 per household, is a vital way for low-wage earners to reduce the great gap between their income and housing costs.

Trenton Mayor Douglas Palmer launched the Greater Trenton EITC and Asset Building Coalition in October 2004.

In 2009, the Coalition is focusing on reaching bi-lingual workers. To learn more about the campagin, contact Tarry Truitt at: ttruitt@merceralliance.org or (609) 844-1008.

For additional information on the Earned Income Tax Credit, visit: www.earnedincometaxcredit.org.

Asset Building Seminars

To ensure Mercer households obtaining an EITC utilize their refund to build longer-term financial stability, the Coalition has integrated financial literacy and asset building seminars into the Campaign, by collaborating with local banking institutions. Free seminars are available throughout Mercer County.

Information on Free Asset Building Seminars- Basic Banking/Budgeting, Credit ABC, Credit Repair, and Building Assets - Presented by local bankers from PNC, Sovereign and TDBank.