- The Bank of America Charitable Foundation has granted $200,000 to 100 Resilient Cities (100RC) to engage the community development finance sector in resilience projects.
- The goal is to boost awareness among and connections between the resilience finance and community development finance sectors, in addition to promoting investment opportunities in innovative projects.
- The project will help the cities in the 100RC network, 25 of which are in the United States, identify resources to help their urban resilience projects come to fruition.
This project sets out to advance the work of community development financial institutions (CDFIs) to boost cities' resilience — the ability to survive, adapt and grow despite chronic and acute stresses. CDFIs are private financial institutions that provide affordable, responsible lending opportunities to foster economic opportunity among disadvantaged portions of the population.
CDFIs often are viewed as key players in revitalizing neighborhoods through financing for a variety of projects including small businesses, nonprofits and affordable housing. Focusing on the resilience aspect could help residents achieve greater economic mobility, instead of just stability, within revitalized communities.
CDFIs also have proven important with improving urban resilience and recovery after disasters. Part of this 100RC grant funding will go toward examining the role CDFIs and their partners play in areas affected by natural disasters and climate change, and to find solutions to the complex challenges.