Number
120156
Version
ORIGINAL
Reference
Sponsor
ALD. HINES
Title
Resolution relating to the City of Milwaukee’s application for a grant from the Bloomberg Philanthropies’ Cities for Financial Empowerment Fund.
Analysis
This resolution authorizes the proper City officials to participate in Phase One and Phase Two of a grant application process offered by the Bloomberg Philanthropies, a participant in the Living Cities collaborative of 22 of the world’s largest foundations and financial institutions.
Specifically, the resolution supports the goals and purposes of a proposed “Cities for Financial Empowerment Fund” program to establish Financial Empowerment Centers in urban communities that: a) integrate financial empowerment strategies for individuals and families into public sector programs, b) shape the local marketplace by convening private-sector financial service providers in organizing the delivery of safe and affordable products, and c) promote pathways to savings and asset-building across a spectrum of activities and opportunities.
Body
Whereas, The Bloomberg Philanthropies’ Cities for Financial Empowerment Fund (“the Fund”) of the Living Cities Collaborative published a Request for Proposals released April 26, 2012, soliciting Phase One narrative proposals from mayors to participate in a grant-funded program to establish Financial Empowerment Centers; and
Whereas, Five cities will be selected in September, 2012, to receive up to $3 million over a 3-year period to develop Financial Empowerment Centers based upon a successful model program in New York City that assisted more than 15,500 residents through integrated services by more than 20 city and non-profit agencies leading to debt reduction of $7,000,000; and
Whereas, If a successful Phase One application is submitted by June 1, 2012, an invitation will be made to the Mayor to submit, by August 17, 2012, a Phase Two application in collaboration with one or more local non-profit providers...
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