Read the full article by Rachel Leibrock at Sacramento News & Review
With the help of a new grant, the City of Sacramento aims to address historical economic disadvantages for people of color, particularly Black communities.
Racist policies such as redlining — the decades-long practice of mortgage lenders of drawing red lines around portions of a map meant to exclude neighborhoods from loans — or the Homestead Act of 1862, which benefited millions more white than Black families, have made it difficult, if not nearly impossible, for many Black families to grow and sustain solid financial standing and generational wealth.
In April, Sacramento was one of eight cities nationwide awarded $75,000 to participate in the CityStart initiative with Cities for Financial Empowerment Fund. The grant allocates the city planning dollars and technical assistance to identify strategies that will financially empower residents, with a focus on racial wealth equity in the Black community.
The grant’s end point will be a publicly released blueprint that lays out an actionable strategic plan around government-led financial empowerment.