In this April 2023 press release, the CFE Fund announced that a second cohort of eight cities and counties have been chosen to join the CityStart initiative, with a specialized focus on racial wealth equity. The CityStart initiative helps local leaders develop and implement proven strategies to help local families and communities become more financially stable. Bloomberg Philanthropies’ Greenwood Initiative, whose mission is to accelerate the pace of Black wealth accumulation in the U.S., is advising the CFE Fund and municipal partners on the design and execution of the latest iteration of the CityStart program with a specific lens on racial wealth equity.
The CFE Fund will partner with local government leaders in Baltimore, MD; Cleveland, OH; Monroe, LA; Newark, NJ; Norfolk, VA; Rocky Mount, NC; Sacramento, CA; and Tallahassee/Leon County, FL to help them address the financial empowerment needs of residents and the opportunities to meet those needs, prioritizing the financial stability needs of Black residents. Each of the eight cities selected will also receive a $75,000 planning grant, drawn from a previous $19 million investment from Bloomberg Philanthropies. In 2022, the CFE Fund worked with an initial cohort of Cincinnati, OH; Mobile, AL; and South Bend, IN; these cities are in the process of drafting their CityStart financial empowerment blueprints.