Empowering the Military Community CRA Opportunitieswith Our Nation’s Heroes
MissionThe GoVA Foundation is dedicated to empowering underserved military communities through a comprehensive approach to financial education and support. Inspired by the Community Reinvestment Act (CRA) program, we are committed to fostering financial literacy and providing accessible financial products and services to those who have served our nation. Our mission is to bridge the financial knowledge gap by offering tailored education programs, focusing on the unique needs of military families. By preparing and organizing resources, we aim to create a supportive environment that ensures every member of our military community can access a diverse range of financial tools and courses, ultimately enhancing their financial well-being and security.
Service members do not get to choose where they are stationed, and some military benefits are not taxed, which places them in a lower median income bracket.Low-income military familiesin high-income locations San Diego, CAColorado Springs, CO San Antonio, TXChicago, ILAnchorage, AK Honolulu, HICamp Pendleton, CAMonterey, CALas Vegas, NVSeattle, WAWashington, D.C. Quantico, VA Charleston, SCPortland, MEPensacola, FLFlorida Keys, FLTampa, FLFort Meade, MD
With a team of Veterans and military spouses,GoVA Foundation understands the military community because we are part of it.
Dual income households are uncommon. According to the DoD, Military spouse unemployment rate is 21%, due to frequent moves and locations with limited employment opportunities. This is more than 5 times the national average of 3.7% unemployment. Only53% of military spouses participate in the labor market (part-time or full-time). Military families represent low andmoderate income (LMI) neighborhoods The four lowest enlisted paygrades (E-1 to E-4)make up over half of all enlisted servicemembers. Base pay and housing stipendsare tied tomilitary rank.
About 7% of all children eligible for WIC benefits nationwide live with a family member who served oris serving in the U.S. military, according to the USDA.25% of military families are considered food insecure, according to the USDA’s definition.Military base pay is often at or below the median household income, even for enlisted members who have served up to 10 years, or for officers with several years of service.
<2 2 3 4 6 8ENLISTED MEMBERSE-8 - - - - - $5,214.90E-7 $3,624.90 $3,956.40 $4,108.20 $4,308.30 $4,465.50 $4,734.60E-6 $3,135.60 $3,450.60 $3,603.00 $3,750.90 $3,904.80 $4,252.50E-5 $2,872.20 $3,065.70 $3,214.20 $3,365.70 $3,601.80 $3,848.70E-4 $2,633.70 $2,768.40 $2,918.40 $3,066.30 $3,197.40 $3,197.40E-3 $2,377.50 $2,526.90 $2,680.20 $2,680.20 $2,680.20 $2,680.20E-2 $2,261.10 $2,261.10 $2,261.10 $2,261.10 $2,261.10 $2,261.10COMMISSIONED OFFICERSO-3 $5,102.10 $5,783.70 $6,241.80 $6,806.10 $7,132.80 $7,490.70O-2 $4,408.50 $5,020.80 $5,782.80 $5,978.10 $6,100.80 $6,100.80O-1 $3,826.20 $3,982.80 $4,814.70 $4,814.70 $4,814.70 $4,814.70What is the monthly income allowance for LMI households in your region?2024 Monthly Base Pay for Service MembersPAY GRADE
10 12 14 16 18 20ENLISTED MEMBERSE-8 $5,445.60 $5,588.40 $5,759.40 $5,944.50 $6,279.30 $6,449.10E-7 $4,886.40 $5,155.20 $5,379.30 $5,532.30 $5,694.90 $5,757.90E-6 $4,387.80 $4,649.70 $4,729.80 $4,788.00 $4,856.40 $4,856.40E-5 $4,052.10 $4,076.40 $4,076.40 $4,076.40 $4,076.40 $4,076.40E-4 $3,197.40 $3,197.40 $3,197.40 $3,197.40 $3,197.40 $3,197.40E-3 $2,680.20 $2,680.20 $2,680.20 $2,680.20 $2,680.20 $2,680.20E-2 $2,261.10 $2,261.10 $2,261.10 $2,261.10 $2,261.10 $2,261.10COMMISSIONED OFFICERSO-3 $7,721.70 $8,102.10 $8,301.00 $8,301.00 $8,301.00 $8,301.00O-2 $6,100.80 $6,100.80 $6,100.80 $6,100.80 $6,100.80 $6,100.80O-1 $4,814.70 $4,814.70 $4,814.70 $4,814.70 $4,814.70 $4,814.70PAY GRADE
In Cumberland County, NC—near Fort Liberty, and home of the GoVA Headquarters—the 2021 median household income was $50,746, and the Poverty Rate was 18%. Any service member earning under $4,166 monthly in base pay is below the household medianfor Cumberland County. This includes: • Enlisted, up to rank E7 with less than 6 years time in service • Enlisted, up to rank E6 with less than 10 years time in service • Officer rank O1 with less than 3 years time in service The numbers are similar for Hoke County,and increase slightly for nearby Harnett andMoore Counties, where the median householdincome is close to $60,000. These counties account for almost 50%of North Carolina’s total Veteranpopulation, which totals 615,500. Military pay example as LMI community (North Carolina)Fort Liberty is one of the Army’s largest bases, with 53,700 active-duty troops stationed there. This is almost 10% of the entire Army force. 25,000 family members (spouses and children) live on Fort Liberty, with many more living in the surrounding towns.
MooreHarnettCumberland Hoke
GoVA is also developing a program to offer down payment and closing cost assistance grants on home purchase loans for Veterans borrowers in LMI communities (Topic J-3)
EDUCATE:DIGITAL LITERACY TRAINING TO INCREASEACCESS TO ONLINE BANKING SERVICES FORA LMI COMMUNITY (TOPIC AA-15)Our scholarship program gives military families in LMI neighborhoods access to hundreds of interactive courses, articles, and videos on a variety of financial and banking topics. This subscription to the digital membership platform, The Edge, would typically cost $27.99 monthly. The GoVA Foundation creates scholarships at a reduced rate—$24.99 monthly or $300 per year—then offers these scholarships to the military community to provide free access to The Edge.Our digital literacy training program helpsmilitary members like ROTC and JROTCcandidates to become enrolled in onlinebanking services, so they can continue to bank online no matter where the military sends them.PREPARE:CREDIT COUNSELING AND PERSONAL MONEYMANAGEMENT (TOPIC AA-9)Resources on The Edge give members free credit score reports, tools to improve credit, and hundreds of resources to become informed on money management topics. Support includes our Concierge Center to provide guidance and point toward additional credit repair resources or to assist with mortgage applications.DELIVER:PROVIDE VA LOANS TO LMI INDIVIDUALS(TOPIC A-7)GoVA assists service members applying for a VA loan with resources to explain the process, a streamlined digital application, and a Concierge Center to walk individuals through the application. The GoVA Foundation (501c3)serves the military community
Our Financial Improvement Tools (F.I.T.) meet the educational standards of these regulatory agencies:
GoVA can assistfinancial institutionswith their Services Testbased on our programs for financial wellness, outreach, and education to the military community.
GoVA resources on The Edge: empoweringmilitary members with access to financial tools• VA Home Loan Guide provided free to members of The Edge• Buying a Home topic with 28 videos, articles, and interactive resources• Mortgage Topic with 15+ educational articles and calculators• Getting Started Guide for Buying a Home• Loan Application Assistance from our Concierge Center ACCESS TO MORTGAGES AND VA LOANS
• Start Here Guide on “Getting Started with Banking”• Course on Banking with Financial Institutions• Category on “Becoming Banked” with multiple articles and informative videosDIGITAL LITERACY TRAINING
• Personal Assessment Quiz of “Your Money Personality”• Course on “Creating a Financial Plan for Your Priorities and Goals”• Budgeting Category with 50+ articles, videos, courses, and tools• Interactive Budget Tool to build a personalized budgetPERSONAL MONEY MANAGEMENT
• Free Credit Score and Report• Courses on “Understanding Credit Reports” and “Optimizing Your Credit Score”• Getting Started Guide on “Improving a Poor Credit Score”• Articles and Videos on Rebuilding Credit CREDIT COUNSELING