Over the last few years, you’ve followed along an incredible journey we’ve undertaken to help families and communities across the country become more financially stable. I’m excited to share that, today, the Cities for Financial Empowerment Fund (the CFE Fund), in partnership with Bloomberg Philanthropies’ Greenwood Initiative, announced its newest cohort of five cities joining the CityStart initiative – Buffalo, NY; Chicago, IL; Indianapolis, IN; Little Rock, AR; and Philadelphia, PA.

Through the CityStart initiative, the new cohort will craft innovative, actionable blueprints tailored to each of their communities that will foster financial stability across generations with a lens for racial wealth equity, especially for Black residents. These cities will each receive a $75,000 grant to help address pressing issues in their localities related to rising gentrification, disinvestment in key historically Black neighborhoods, and closing the racial wealth divide. The blueprints will be aligned with each local Administration’s priorities and partnership opportunities. 

Local leaders will also have the opportunity to share what they’ve learned with their cohort members through idea exchanges, data collection and obtaining information regarding local policies, programs and strategies. By sharing insights, cities can work together to find collaborative solutions to address mutual challenges, which could lead to groundbreaking solutions that can be scaled to drive national progress.

Cities from previous CityStart cohorts have already introduced innovative policy changes that have proved promising. For example, Cincinnati, OH, leveraged the CityStart engagement to create its Financial Freedom Plan – informed by more than 1,000 residents and dozens of organizations and experts across the private, public, and social sector. The city dedicated $2 million in public funds to forgive resident medical debt and advance other priorities. In South Bend, IN, the city developed a comprehensive financial empowerment framework that includes professional financial counseling as a free public service and a wealth-building focus in two historically Black neighborhoods. There are also several cities currently working on their local blueprints centered around wealth-building and includes localized engagements with residents.  
 
I’m excited to continue this historic partnership with the CFE Fund. I’m confident this latest cohort will be successful in developing strategies and setting sustainable foundations for accumulating intergenerational wealth, especially for its Black residents.

Warmly, 
Garnesha Ezediaro