The Cities for Monetary Empowerment Fund has introduced a three-year, $19 million dedication from Bloomberg Philanthropies in assist of government-led efforts to enhance the monetary stability of low- and middle-income households.
The grant will allow the CFE Fund to duplicate its confirmed Monetary Empowerment Heart (FEC) mannequin of economic counseling providers — first piloted in New York Metropolis below Mayor Michael R. Bloomberg in 2008 — to assist members scale back debt and enhance financial savings in as many as 100 cities and counties and set up a community of ten “Monetary Empowerment Cities” that can assist cohorts of presidency officers who will lead new monetary empowerment workplaces and anti-poverty and fairness efforts. The fund additionally will catalyze new commitments from as many as thirty native governments by partnering with Bloomberg Philanthropies’ Greenwood Initiative to boost its CityStart engagement, which helps governments of Black-majority localities develop a community-informed monetary empowerment blueprint.
As well as, the funding will allow the CFE Fund to pilot a monetary counseling integration in 5 cities to check FEC eviction prevention methods in response to COVID-19 housing instability; subject a multi-city analysis of FEC; and assist the work of the Monetary Navigator program to attach individuals in have to emergency empowerment sources at native, state, and federal ranges.
“The COVID-19 pandemic has solely underscored the vital significance of constructing residents’ monetary stability as a part of restoration, resilience, and fairness efforts,” mentioned CFE Fund president and CEO Jonathan Mintz. “Mayors and native leaders throughout the nation more and more are turning to monetary empowerment methods to assist their residents succeed, and we’re thrilled that our partnership with Bloomberg Philanthropies will allow us to broaden these very important providers to greater than 100 cities and counties.”
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