Living Cities awards $3.2 million to close BIPOC wealth gap
Living Cities, a national collaboration of foundations and financial institutions, has announced grants totaling $3.2 million in support of programs to close racial gaps in income and wealth in six cities across the United States.
Funded by the Wells Fargo and Citi foundations, the grants will be directed to programs in Albuquerque, New Mexico; Austin, Texas; Memphis, Tennessee; Minneapolis and Saint Paul, Minnesota; and Rochester, New York. Distributed through the Living Cities Closing the Gaps Network—an initiative that brings together civic leaders to help build an anti-racist society that advances equitable and inclusive economic opportunity—the grants will fund programs in partnership with local nonprofit organizations that support and increase home ownership in BIPOC (Black, Indigenous, and people of color) communities.
“Tackling the racial wealth gap requires a commitment to systemic interventions and bringing diverse changemakers to the table. That’s exactly what Living Cities is doing through its Closing the Gaps Network,” said Brandee McHale, president of the Citi Foundation and head of community investing and development at CitiGroup. “By supporting this initiative, the Citi Foundation aims to help more U.S. cities test new approaches that have the potential to catalyze meaningful progress toward wealth creation and equitable growth.”
(Photo credit: Getty Images/photovs)
Related content
Funders commit $19 million for economic development in Appalachia
