Mobile To Participate In Wealth Equity Program

MOBILE, Ala. — Mobile has been selected to participate in the CityStart initiative with a focus on racial wealth equity, the city and nonprofit Cities for Financial Empowerment Fund (CFE Fund) announced. CFE Fund’s CityStart initiative helps local leaders develop and implement strategies to help local families and communities become more financially stable. Bloomberg Philanthropies’ Greenwood Initiative, the mission of which is to accelerate the pace of Black wealth accumulation in the U.S., will advise CFE Fund on the design and execution of the latest iteration of the program, with a specific lens on racial wealth equity. Mobile will receive an intensive technical assistance engagement partnership, along with a $75,000 planning grant drawn from a previous $19-million investment from Bloomberg Philanthropies. Mobile is to directly engage community stakeholders to better understand what local government can do to support and strengthen the financial mobility of its Black residents. The other cities selected for the program this year are South Bend, Indiana, and Cincinnati. The new partner cities join 29 localities that have already completed the CityStart financial empowerment public blueprint process.