LMI Support for Service Members, Veterans, and Spouses Through Financial Education
GoVA Foundation provides CRA-qualified military financial education programs across New York’s network of military installations and Veteran communities. Through our initiatives, banks can connect with service members, Veterans, and military families seeking banking services and financial education resources through Community Development grants and CRA programs.
New York maintains a strategic military presence with four major installations supporting over 20,000 active-duty service members. Fort Drum in Jefferson County serves as the largest concentration, supporting 15,000 active-duty personnel.
Major installations and their active-duty populations include:
Approximately 40% of active-duty military households qualify as low-to-moderate income (LMI), representing 8,029 service members across New York installations who can benefit from targeted military banking services and financial education. Additionally, the state hosts an estimated 10,036 military spouses, calculated as 50% of the active-duty population. Military spouses face persistent employment barriers including frequent relocations, licensing challenges across state lines, and limited career opportunities near military installations. With an unemployment rate three times the national average and 32% underemployment rate, military spouse income challenges often qualify dual-income military households for LMI status even at higher pay grades.
The combined military community in New York represents a significant demographic presence:
This total military-connected population of 693,546 New Yorkers represents a substantial opportunity for banks to expand their services while meeting CRA obligations. The concentration of these communities near military installations creates natural assessment areas where banks can make meaningful impact through targeted financial education and services.
Within New York’s Veteran population of over 663,000, approximately 71,939 Veterans qualify as LMI households. The highest concentrations of Veterans are found in:
These population centers create distinct opportunities for bank partnerships in these assessment areas through CRA-qualified programs and community development grants.
GoVA Foundation currently has verified-LMI members ready to sponsor in these counties. Complete the form at the bottom of the page for more details.
GoVA Foundation’s military financial education programs meet FDIC and OCC requirements for CRA compliance while serving New York’s military community. Our military banking initiatives satisfy key CRA requirements through:
2. Military Community Development Activities:
The Edge platform is GoVA Foundation’s digital military financial education hub, providing personalized financial resources and education to service members, Veterans, and military families through CRA-qualified community development grants from bank sponsors. The platform currently serves over 120 active members across New York, with 19% verified as LMI households. Our highest membership concentrations align with major military populations in:
Military community members receive targeted financial education addressing:
Banks operating in New York can leverage our established military CRA grant programs to meet CRA goals while making meaningful impact in military communities. GoVA Foundation partners with banks, who provide community development grants to sponsor financial literacy among the LMI military community. We provide complete documentation for CRA reporting, including:
Discover immediate opportunities to support LMI military households in your assessment area through our CRA-qualified programs. Our custom reports provide detailed analysis of military demographics, LMI verification, and potential Community Development grant impact through financial education programs.
Discover the impact potential for your bank’s Community Development initiatives. Our customized report reveals:
Simply share your assessment area, and we’ll prepare a custom report showing how your bank can support military financial wellness while meeting CRA objectives.
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GoVA Foundation is a 501(c)3 non-profit organization, EIN: 93-4855398
The appearance of U.S. Department of Defense visual information does not imply or constitute DOD endorsement.
At GoVA, we’re proud to partner with a lender that delivers peace of mind to those who have served and continue to serve our county. Together, GoVA and TowneBank Mortgage are committed to helping our military service members achieve their dreams of homeownership, as well as providing them with valuable resources along the way. As experienced lenders, TowneBank Mortgage understands the need for a quick and easy mortgage process, especially during life’s transitional moments. Headquartered in Norfolk, just miles from the world’s largest naval base, TowneBank Mortgage has had the honor of helping thousands of military families through their VA loan offerings. Their team is knowledgeable about VA products and the local market, and in-house operations allow them to respond to questions and concerns in a timely manner. Together, we can get you to closing in 30 days or less. Trust TowneBank Mortgage and GoVA loans to get you home.
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