NASHVILLE (AP) — The city of Nashville along with the United Way of Metropolitan Nashville will open the city's new Financial Empowerment Center to help low-income residents reduce debt and build assets.

Mayor Karl Dean will cut the ribbon on the new facility at the Foster Street Center on Tuesday. The center will provide residents with free, one-on-one financial counseling and will teach clients how to open safe and affordable checking accounts, establish a credit score, maintain a positive balance, decrease debt and maintain savings.

The center was created through collaboration with the mayor's office and the United Way and is funded by a $2 million grant from Bloomberg Philanthropies through the Cities for Financial Empowerment Fund.

Officials estimate the three-year grant will serve 5,000 Nashville residents citywide.