Contributed
CINCINNATI – Monday, the City of Cincinnati released the Cincinnati Financial Freedom Blueprint, a policy roadmap to address the city’s racial wealth gap and help ensure all residents can achieve financial freedom through asset ownership. The blueprint is the product of a yearlong process of community engagement, national research, and data-collection by a cross-departmental team led by the Office of Performance and Data Analytics.
Cincinnati was selected by the national nonprofit Cities for Financial Empowerment Fund’s (CFE Fund) CityStart initiative to create a blueprint to help address the financial empowerment needs of residents and the opportunities to meet those needs, prioritizing the financial stability needs of Black residents. As part of the CFE Fund’s CityStart initiative, which is supported by Bloomberg Philanthropies’ Greenwood Initiative, the City received a $75,000 planning grant, as well as extensive CFE Fund technical assistance.
“This is such a powerful example of what can be accomplished when we come together and empower the voices of our residents,” said Mayor Aftab. “This roadmap puts us on a path to create groundbreaking new opportunities for financial freedom, and we are committed to delivering on our vision. I want to extend my gratitude for the exemplary work of our Administration, Cities for Financial Empowerment, Bloomberg Philanthropies’ Greenwood Initiative, and all the partners who have helped get us here.”
“As Mayors across the country know, cities thrive when their residents thrive – when all residents thrive. The CFE Fund has been thrilled to work with Mayor Aftab and the Cincinnati team, directly engaging residents and partners on the financial empowerment policies, programs, and funding streams that can transform Cincinnatians’ financial lives,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “We look forward to seeing the City of Cincinnati harness community feedback and financial empowerment work to address the racial wealth gap, and we thank Bloomberg Philanthropies for their longstanding partnership and investment in municipal financial empowerment.”
“The City of Cincinnati has taken an important step towards improving racial wealth equity by responding to local needs through the Cincinnati Financial Freedom Blueprint,” said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. “Bloomberg Philanthropies’ Greenwood Initiative supports programs like Cities for Financial Empowerment’s CityStart because they assist local governments with harnessing data, developing innovative strategies, and learning from municipalities across the country.”
In the Fiscal Year 2024 Budget, the City allocated $2.125MM to fund new policy recommendations in the blueprint. Those recommended programs include:
- Erasing delinquent medical debt for up to 30,000 Cincinnati residents.
- Launching Child Savings Accounts for qualifying preschool students.
- Pledging funding to launch a Guaranteed Basic Income Pilot.
- Creating an Access to Counsel program to provide legal counsel and rental assistance for qualifying tenants.
Councilmember Reggie Harris said, “It would be a missed opportunity if the findings of this report weren’t accompanied by direct action. That’s why I’m proud this Mayor and Council set aside $2,125,000 in this year’s budget to support these life-changing programs identified during the CFE Fund’s CityStart process. These dollars will be heavily leveraged by our partners and put significant capital directly into the hands of Cincinnatians who need it most.”
In building and designing the Medical Debt Relief Program, the City has secured partnerships with key members of the local healthcare network, including University of Cincinnati Medical Center and Mercy Health. The program will be administered in partnership with RIP Medical Debt, a nonprofit organization that supports partners in purchasing and forgiving personal medical debt. Preschool Promise has been identified as a partner for the City’s Child Savings Account program, and the Legal Aid Society of Greater Cincinnati has agreed to partner on the implementation of the City’s Access to Counsel program.
“I’m very excited about the release of the Financial Freedom Blueprint, and so proud of the City Administration for all the work they’ve contributed,” said City Manager Sheryl Long. “Our Department of Performance & Data Analytics is best-in-class, and their research has already been translated into impactful budget priorities that will improve Cincinnatians’ lives.”
Vice Mayor Jan-Michele Lemon Kearney said, “The Financial Freedom Blueprint is a bold, progressive, transformative move that will help to lift our residents out of poverty and build generational wealth.”
As part of this blueprint, the City conducted a statistically significant survey of over 1,000 residents, including 500 African American residents, to uncovered several findings around barriers to banking access, job mobility, student loans, homeownership, and business ownership.
The City also held four focus groups to better understand what interventions residents would like to see, and more than 25 individual interviews with community activists, scholars, and organizations. The results are available in detail through the survey report (also available via email from OPDA upon request).