Financial Empowerment Counseling
The submission period ended on April 8, 2024, 3:00 pm.
I. Introduction:
The Tacoma Housing Authority is seeking bids for Financial Empowerment Coaching
II. Schedule:
As of April 10, 2024, the schedule has been updated as follows:
| Date | |
|---|---|
| RFP Release Date | 2/14/2024 |
| RFI Deadline | 3/4/2024, 3:00 pm |
| RFP Submission Deadline | 4/8/2024, 3:00 pm |
| THA evaluation period | 4/8/2024-4/19/2024 |
| Notice of Award | 4/19/2024 |
| Memorandum of Understanding start date for services | 5/23/2024 |
III. Scope of Work:
Partnership Needs
Tacoma Housing Authority is seeking a partnership with an organization who will provide financial coaching services to THA clients. This organization should have a strong understanding of the structural and social issues that have caused economic disparities for BIPOC, low-income and other historically marginalized communities in achieving their financial well-being. Utilizing an economic justice framework, this partner will provide individualized financial coaching services to households receiving housing subsidy, understanding that each family has their own unique goals and financial aspirations and that these are unique assets.
This partnering organization should hold at least the same goals as the Financial Empowerment Network of Washington, affirming that upon coaching, participants should:
- Have an increased knowledge and understanding of personal financial, financial systems, and their own relationships to their finances
- Feel more confident in their ability to successfully navigate financial systems
- Have an increased access to safe and affordable financial products and services
- Be connected to appropriate and relevant programs, services, and products to assist them in their journey of increasing their financial wellness
Financial coaching services at THA are often integrated with employment and career coaching, income supports coaching, and other coaching that supports human-centered wellness and growth. To track participant progress, the partnering organization must track participant progress over time, including, but not limited to, the following:
- Earned income
- Receipt of public benefits
- Monthly savings
- Credit score
- Net worth
Staffing to support financial coaching should expect to hold some in-person meetings at the Salishan Family Investment Center at 1724 E. 44 St, Tacoma, WA 98405. Additionally, financial coaching services may be provided in-person at other Tacoma Housing Authority locations, over the phone, or over video conference.
IV. Proposal Requirements:
For the proposals to be considered responsive, vendors should submit the following with their bid packet:
- Cover Letter
- Company Profile and Qualifications
- Personnel Qualifications
- References
- Narrative Questions
- Completed Contractor/Vendor Intake Form – Exhibit C
- OMWBE Certification if applicable
- MWBE Self Attestation
V. Narrative Questions:
- Please describe your organization’s proven approach to offering culturally relevant financial coaching to BIPOC, low-income and historically marginalized populations. Please be as specific as possible, including how you assess if this approach is effective.
- Please describe how your internal controls ensure high level services are provided and maintained.
- Please describe how you track data to assess participant growth over time.
- How will you fund and sustain these efforts over the next two years? Please include if your organization is receiving funding from The Department of Commerce in support of the Community Reinvestment Financial Coaching and Mentorship project.
- Should limited funding from THA be needed in support of this partnership, please provide a budget that describes the need for and use of these funds.)
VI. Evaluation Criteria:
| Complete Proposal Packet | 20 pts. |
| Cover letter | 10 pts. |
| Company Profile and Qualifications | 20 pts. |
| Personnel Qualifications | 10 pts. |
| References | 10 pts. |
| Narrative Questions | 20 pts. |
| OMWBE certified businesses If not certified, a self-attestation must be completed that vendor is a MWBE business (form attached) | 10 pts. |
VII. Proprietary Proposal Material:
Any records or materials submitted to Tacoma Housing Authority become public records under Washington State law (see RCW Chapter 42.56, the Public Disclosure Act at https://apps.leg.wa.gov/rcw/default.aspx?cite=42.56.
VIII. Exhibits to RFP:
RFI Responses:
Q1: What do you project the scope of work to be for this project? i.e. clients per week or month that would commonly engage in coaching services?
A1: We are anticipating an active roster of about 50 clients at any given time, with an anticipated 100+ clients served per year.
Q2: Do clients have requirements for participation in coaching services? If so, are there time bound obligations for those client (i.e. must actively participate in coaching 8 hours a month, etc.), or can that be determine by the coach depending on each client’s unique situation?
A2: No, there are no requirements for participation in coaching services. That said, we do have financial incentives for participants engaged in financial coaching in our Family Self-Sufficiency program (we have about 150-200 FSS participants enrolled at any given time) and we also give families the ability to earn an incentive for electing in financial coaching as a part of our 2Gen program.
Q3: Are you going to be partnering with multiple sites for coaching services at each THA location? Or are you looking to partner with one organization to serve all your THA housing sites?
A3: This really depends on the parties who respond to the RFP. For example, we may have one sole financial coaching partner who provides all of the services we are hoping for, or we may need to work with a couple of different partners should there not be an applicant who can serve all of our clients on their own. Historically, we have utilized one partner agency and utilized a full FTE to provide individualized financial coaching services, but we are open to exploring different opportunities.
Q4: There is no amount listed for the contract. I there funding for this contract? If so how much?
A4: Correct, there is no amount listed. THA is hoping to leverage the Department of Commerce’s two-year investment in Financial Coaching & Mentorship ($10 million for 45-50 FCs statewide). To be clear: THA did not apply for Commerce funding. We hope to receive applicants who receive funding from Commerce and wish to partner with THA, serving our residents and tenants with their Commerce funding. There is an opportunity to provide a budget request, should additional limited funding be needed. Partners who are not receiving Commerce funds are also welcome to apply to partner with us if they have other funding support.
Q5: There is no mention of the Center For Strong Families or Family Self-Sufficiency. Is the work for this upcoming contract still tied to those two programs or is this an evolution for THA?
A5: THA remains a committed CSF partner. While the CSF model was built to primarily serve ALICE households, THA predominantly serves households who are extremely low income (approx. 80% of our households have an AMI of 30% or lower). We work with households who are engaged in CSF and FSS services and households who are not, but who still wish to work on their unique financial goals from their unique starting point. We are in need of a partner – or partners – who can flexibly meet the needs of our residents. This is not an evolution for THA, but we do hope to continue refining our services for clients not enrolled in the CSF.
Q6: Other then a start date there is not a timeframe for the contract. Is this a 12-month contract?
A6: We hope to align MOUs with the timeframe of the Commerce contracts, which we understand will be two-year contracts.
Q7: There is no “Completed Contractor/Vendor Intake Form – Exhibit C” in the materials online or in the PDF versions. How does one get a copy?
A7: This has been uploaded
Contact Information:
If you have any questions or require additional information, please contact THA’s contracting team at: contracts@tacomahousing.org.
Thank you for your interest.
