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Gaithersburg reports FEC served 650+ residents, cuts $1.8M in non‑mortgage debt and boosts savings

Mayor and City Council of Gaithersburg · February 18, 2026

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Summary

The city’s Financial Empowerment Center has served just over 650 people since 2022, helped eliminate roughly $1.8 million in non‑mortgage debt and increase client savings by about $1,000,000, with enrollment up this fiscal year and targeted outreach to low‑income, immigrant residents.

Emily Lin, financial empowerment community initiatives manager, presented the FEC’s Year 3 report and a fiscal‑year update to the Gaithersburg council. From the program’s 2022 launch through June 2025, Lin said the FEC served just over 650 individuals (a mix of city and non‑city residents), eliminated roughly $1,800,000 in non‑mortgage debt and helped clients increase savings by about $1,000,000. Lin said just over half of those served were city residents and that 85% of clients self‑identified as nonwhite or Hispanic; 75% were very low income (at or below 50% area median income), and just over half were foreign born from around 60 countries.

Lin played a recorded client testimonial describing rapid credit improvement after counseling and said the client later qualified for a city MPDU (moderately priced dwelling unit) through referrals made by an FEC counselor. Lin reported new client enrollment up 20% year‑over‑year, total residents served up 25%, and 46 clients achieving significant short‑term outcomes (for example, reducing debt by 10% or saving an emergency week’s worth of income). She reported non‑mortgage debt held by clients at about $205,000 as of last month (a 20% decline) and that eight clients saved nearly $44,000 collectively (a 60% increase year‑over‑year).

Lin described recent fundraising: a $3,500 event sponsorship from Skypoint Federal Credit Union, a $30,000 grant from the National Association of Latino Community Asset Builders (NALCAB) for counseling services (the FEC’s first counseling grant outside CFE funding), a sponsorship from M&T Bank and a technical‑assistance grant from ICMA. She noted two significant grant applications pending for FY27 and said a waitlist may be necessary if demand outpaces capacity. Councilmembers praised the program and asked clarifying questions about the NALCAB grant and partner roles; staff said the city contracts counseling through Housing Initiative Partnership, which applied for the grant with FEC involvement.

Lin announced a Super VITA Financial Wellness Day (free tax prep and resources) at Bohrer Park on March 14. The council did not take formal action on the presentation.