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Contact: Kristin Lawton, 202.408.9788

May 2, 2017

CFED Enables Low-Income Children and Families of Color to Build Wealth

New $2 Million Initiative Aims to Bridge the Racial Wealth Divide in the U.S.

FOR IMMEDIATE RELEASE

Contact: Kristin Lawton, 202.207.0137

Washington, D.C. — The Corporation for Enterprise Development (CFED) today announced a two-million dollar grant from the W.K. Kellogg Foundation aimed at ongoing research, policy advocacy and capacity building to enable low-income children and families of color to build wealth.

“We know from CFED’s report—The Ever-Growing Gap: Without Change, African-American and Latino Families Won’t Match White Wealth for Centuries—that it will take as much as 228 years to bridge the racial wealth divide if we continue business as usual,” said Andrea Levere, CFED President. “By investing in us, the W.K. Kellogg Foundation joins other CFED supporters to ensure that low-income children and communities of color have access to the financial resources they need to thrive.”

Over the next three years, CFED will conduct research that aims to change public discourse and ensure that millions of low- and moderate-income people of color gain access to practical solutions that expand their financial well-being. Specifically, the organization will leverage its nationally recognized Assets & Opportunity Scorecard, local profiles and other research to generate awareness, will and action among policymakers to improve the financial security of people of color. Policy priorities funded by this work include promoting equitable tax reform, protecting consumers and preserving critical safety net programs.

“In order to create the conditions for all children to thrive, we have to make sure their families can accumulate short-term savings to retain quality employment and long-term wealth to break intergenerational poverty,” said Jonathan Njus, director of Family Economic Security at the W.K. Kellogg Foundation. “We are excited to support CFED in its mission to promote innovative solutions and effective policies that help families succeed.”

In addition to changing systems so more low-income families of color can succeed, CFED will incubate innovations and scale best practices that help low-income people of color access services and supports that help them achieve financial well-being. At the same time, to build momentum and ensure that this work achieves long-term impact, CFED will engage and mobilize a growing field of community leaders that support policies and practical solutions that bridge the racial wealth divide.

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CFED's work makes it possible for millions of people to achieve financial security and contribute to an opportunity economy. We scale innovative practical solutions that empower low- and moderate-income people to build wealth. We drive responsive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, DC; Durham, North Carolina, and San Francisco, California.

The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer, Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life.

The Kellogg Foundation is based in Battle Creek, Michigan, and works throughout the United States and internationally, as well as with sovereign tribes. Special emphasis is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti.

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