Sacramento among 8 cities awarded grant to study financial wealth gap among Black residents
Sacramento has received a $75,00 grant to develop strategies to address racial wealth equity in Black communities.
The money is from CityStart and Cities for Financial Empowerment Fund (CFE Fund) to establish strategies, planning dollars and technical assistance to financially empower Black residents, according to a news release.
California’s capital was one of eight cities selected to participate in the program, an initiative that helps local leaders identify and implement plans of action to help families and communities become more financially stable.
“This grant will help us continue building stronger partnerships with (our) community as we develop a strategic blueprint together to identify and address key challenges and opportunities to build wealth and financial stability for our Black community,” Sacramento Mayor Darrell Steinberg said in the release.
The program is advised by the Bloomberg Philanthropies’ Greenwood Initiative, whose mission is to advance the accumulation of wealth for Black citizens.
Garnesha Ezediaro, who leads the Greenwood Initiative said intentional local investments are needed to move towards racial equity.
“The lasting impact of systemic inequities in our economies and financial system is glaring, with the typical Black family holding one-eighth of the wealth of the typical White family,” Ezediaro said in the release.
“Without immediate and innovative interventions, Black people will continue to have less economic power and fewer opportunities to thrive.”
According to the release, a municipal financial empowerment blueprint for Sacramento starts with identifying actionable implementation steps based on the financial needs of residents, especially Black residents.
After distinguishing those needs, the CFE fund will help determine key administration priorities and partnership possibilities for the city.
The city plans to engage the community in a series of conversations with stakeholders to confront local financial empowerment challenges and opportunities.
“The city is working hard to address home ownership, housing stability for existing owners, financial coaching and workforce development opportunities that are essential and must be prioritized in addressing upward mobility and economic disparities for Black residents,” said Lynette Hall, Sacramento’s community engagement manager, said in the release.
She said it’s imperative that the city’s approach to addressing systemic racial inequities is done through multiple channels, starting with the CityStart initiative.
The initiative is aligned with the city’s commitment to racial equity, Hall said in the release.
This story was originally published April 11, 2023 at 2:13 PM.
