Mayors Office – News – Articles – October 2023 – 2023-10-11 Economic Mobility in Motion

Mayors Office – News – Articles – October 2023 – 2023-10-11 Economic Mobility in Motion


October 11, 2023 | From City of New Orleans

CITY OF NEW ORLEANS ANNOUNCES $5 MILLION FOR ECONOMIC MOBILITY

NEW ORLEANS — The City of New Orleans has released a Notice of Funding Availability (NOFA) on Tuesday, Oct. 10 for community-based organizations to develop programs that promote economic mobility.

The project, entitled Economic Mobility in Motion: Moving New Orleanians Forward, is funded by $5 million of the City of New Orlean’s American Rescue Plan Act (ARPA) allocation. Through ARPA, the City of New Orleans has committed $194 million to fund priority projects that meet the needs of residents, strengthen the local social safety net and build a safer, healthier community for the future. The deadline to apply for the available funding is Tuesday, Nov. 21.  A virtual information session will be held for interested applicants on Wednesday, Nov. 1. 

Research shows that increased financial security leads to well-being by reducing stress, food insecurity and housing insecurity. This funding will be leveraged to reach and serve several thousand New Orleanians and could lead to a significant impact on crime and poverty.  

The NOFA is expected to fund between six and 10 applications, with the goal of reaching 2,500 low- to moderate-income participants beginning in 2024. Awards will be between $250,000 and $1 million over the project timeline. All funds must be expended by 2026. A portion of the funds will be used for program evaluation across all projects selected. 

Programs that will be funded could include, but are not limited to, programs for universal basic income, baby bonds, support accessing tax credits and other safety net funding, homeownership and other asset building, financial literacy and/or credit counseling, educational attainment and/or workforce training connected to employment, re-entry and wraparound supportive services, entrepreneurship and other place-based mobility strategies.   

For further information and updates on the City’s ARPA investments and initiatives, please visit the official website at nola.gov/arpa/.  

The Economic Mobility in Motion application is available starting today, Oct. 11, on the Office of Economic Development’s website at nola.gov/economic-development/

 




Mayors Office – News – Articles – October 2023 – 2023-10-11 Economic Mobility in Motion

 

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