In this May 2022 press release, the CFE Fund announced that three new cities have been chosen to join the next CityStart cohort, with a new 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., will advise the CFE Fund 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 the cities of Cincinnati, OH; Mobile, AL; and South Bend, IN 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 three cities selected will also receive a $75,000 planning grant, drawn from a previous $19 million investment from Bloomberg Philanthropies.

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