Mayor Ras J. Baraka today announced the release of a municipal financial empowerment blueprint that sets clear goals to help Newark residents put the building blocks in place to secure their financial future. Newark created the blueprint as a member of the Cities for Financial Empowerment Fund’s (CFE Fund’s) CityStart initiative, which works closely with local leaders to develop and implement proven strategies aimed at helping families and communities become more financially stable.

Newark’s financial empowerment blueprint recommends actionable strategies and tactics to support residents in achieving their financial goals. Community informed from the beginning, the development of the blueprint included multiple engagements with local residents, communities, and stakeholder groups. The result is a comprehensive, intergenerational, and multi-pronged approach that builds on the ongoing work of the Baraka administration to enact policies and programs to build an equitable city.

“Because of centuries-old systemic handicaps, so many residents and families in Newark would benefit from a jump start toward financial health,” said Mayor Baraka. “This empowerment program provides just that, with a multi-structured development framework in keeping with Newark’s citywide collaborative strength. Together, as a community, we will bring economic wellbeing into our homes, raise up our families and establish generational wealth. I’m grateful to our city Philanthropic Liaison Kevin Callaghan, and all our partners, for their insight into Newark’s needs, its resilience and unity.”

The blueprint development process included deep research on existing reports and assessments of Newark residents’ financial health, a first-ever Newark Financial Empowerment Survey open to all residents, focus groups in partnership with Newark’s Asset Building Coalition to understand resident’s financial challenges and aspirations, and historical analysis of how legacies of disinvestment have affected the city.

The resulting blueprint creates a structured framework that calls on city government, Newark’s nonprofit community, and the financial and corporate sectors to collaborate to help residents do the following on their financial empowerment journey:

• Stabilize – Focuses on residents’ financial health by increasing their earnings and income to cover essential living expenses and improving their access to financial institutions, education, and services.

• Secure – Focuses on residents’ financial resilience by expanding their access to programs, resources, and services to increase their savings and net worth.

• Sustain – Focuses on residents’ financial longevity by increasing their access, knowledge, and usage of wealth-building and estate-planning tools and building on residents’ power to accumulate and transfer wealth.

The Office of Newark Philanthropic Liaison, a partnership between the Office of the Mayor and the Council of New Jersey Grantmakers, spearheaded the Newark Financial Well-Being Continuum, a Newark Blueprint with numerous city agencies, nonprofit and community organizations, philanthropic partners, Cities for Financial Empowerment Fund staff, and Newark residents. The CFE Fund provided grant support and technical assistance.

“During this CityStart engagement, the City of Newark has listened to neighbors, community organizations, city agency leaders, and philanthropic partners, and created a framework for moving Newark residents towards financial resilience and longevity,” said Jonathan Mintz, President and Chief Executive Officer, Cities for Financial Empowerment Fund. “We were so pleased to support Mayor Baraka and his team, applaud their financial empowerment blueprint, and look forward to seeing this critical work in action.”

The Newark Financial Well-Being Continuum includes strategies that are immediately actionable, with some already underway. Core among these is to increase residents’ access to financial coaching, create an emergency fund for renters and prospective renters, expand coordination among financial empowerment organizations, build and publicize a financial roadmap for residents, advocate for policies that prioritize regular unrestricted cash infusion into Newark households, increase resources to new and aspiring homeowners, and increase utilization of life insurance policies and wills to preserve wealth over time.

Over the coming months, the plan’s implementation will rely on a number of community-based organizations, coalitions, and city and county departments like the Newark Asset Building Coalition housed by the United Way of Greater Newark, the Newark Community Development Network and its members, Invest Newark, Newark’s Department of Economic and Housing Development, the Newark Alliance, the Essex County Surrogate’s Office, and philanthropy. To that end, the United Way of Greater Newark recently secured a $1.5 million grant from RWJBarnabas Health to support its Newark Asset Building Coalition. These funds will be spent in direct alignment with the Newark Financial Well-Being Continuum to immediately provide increased access to financial coaching and education for Newark residents.

“Financial education is vital to getting our residents on the path to economic security,” said Catherine Wilson, president and CEO of United Way of Greater Newark. “With support from the City of Newark and RWJBarnabas Health, we aim to reach more community members in need, providing them with opportunities to grow their savings and build lasting generational wealth. By equipping individuals with the necessary resources and support to break free from the cycle of poverty and achieve financial independence, we can play a vital role in fostering sustainable community wealth.”

“RWJBarnabas Health is committed to building healthier communities in Newark by addressing the most pressing social determinants of health, including financial insecurity,” said Balpreet Grewal-Virk, PhD, Senior Vice President, Community Health, RWJBarnabas Health. “Greater financial stability leads to better health outcomes. That’s why we’re proud to partner with United Way of Greater Newark and the City of Newark to support programs that strengthen financial stability for all residents, including our ALICE (Asset Limited, Incoming Constrained, Employed) communities.”

Through another grant from Prudential Financial, the City of Newark embedded a housing navigator in its Office of Affordability, another key recommendation from the blueprint. This navigator plays a critical role in preparing Newark residents for new affordable housing opportunities and ensuring that they obtain new units that open under the City’s inclusionary zoning ordinance, which provides exclusive 90-day first access to Newark residents. The navigator role will serve as a model as housing navigation is scaled in other offices and with nonprofit partners.

“As an anchor institution in Newark, Prudential is working to improve quality of life in the city by removing barriers to housing opportunities and increasing homeownership pathways, which are drivers to building generational wealth,” said Sarah Keh, Vice President, Inclusive Solutions, Prudential Financial, and Vice President of The Prudential Foundation. “Through this partnership with the City of Newark and community organizations, we aim to build on our 150 years of impact by helping to develop lasting affordable housing solutions and promoting innovative homeownership models that combat displacement.”

A series of public meetings will be held in collaboration with Newark People’s Assembly with financial coaches on site to familiarize residents with the City’s blueprint.

To access the full Newark Financial Well-Being Continuum, follow this link.

About the Cities for Financial Empowerment Fund (CFE Fund):

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders in nearly 150 cities and counties to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources – including 44 local governments that already have participated in the CityStart engagement. The CFE Fund has disbursed over $69 million in grant support to municipal partners. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social.

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