The New Orleans Tribune: City of New Orleans Has $5 Million Available for Economic Mobility Programs

The City of New Orleans has $5 Million available for community-based organizations to develop and administer programs that promote economic mobility.

The City released a Notice of Fund Availability today (Oct. 11), with applications available now on the Office of Economic Development’s website at nola.gov/economic-development/. 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. 

The project, titled Economic Mobility in Motion: Moving New Orleanians Forward, is funded by $5 million of American Rescue Plan Act (ARPA) funds awarded to New Orleans.

The program 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. 

The types of programs that will be funded could include, but are not limited to, those 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/.  

Read the original article here.