NLC’s Economic Opportunity and Financial Empowerment (EOFE) team increases city leaders’ awareness about the critical roles they can play in addressing the economic challenges financially insecure families in America’s communities face.
Local leaders can influence and impact upward economic mobility for residents through reforming policies to address inequities; creating programs that target community needs and build long-term financial strength; and directing general budget spending that supports the advancement of financial stability, especially for BIPOC (Black, Indigenous and people of color) communities.
Through collaborative, trusted relationships, the team assists cities in igniting action leading to systemic change through the implementation of policies and programs to strengthen the economic well-being of families. NLC’s EOFE team views economic mobility as a continuum across three key stages: economic stability; economic security; and wealth building.
Economic Stability
Basic needs are met, such as three healthy meals, housing, access to health insurance, and access to job opportunities.
Economic stability is possible through:
- City anti-hunger efforts
- Connection to public benefits and refundable tax credits
- Job readiness and job search programs
Economic Security
Stable, full-time, living wage employment; housing costs below 30 percent of income; access to safe, affordable financial services; access to non-predatory loans; and savings to cover basic needs.
Economic security is possible through:
- Workforce development strategies to advance employment
- Bank On
- Financial counseling, coaching and education
- Credit building
- Debt reduction
- Reforming municipal fines and fees.
Wealth Building
Opportunities to advance career through education and training, business development and entrepreneurship, long term savings, homeownership, savings for children’s postsecondary education.
Wealth building is possible through:
- Children’s savings accounts (CSAs)
- Reparations
- Homeownership programs and incentives
- Financial counseling and coaching
Initiatives
NLC’s EOFE work is executed through the current and past initiatives listed below to promote equitable access to economic opportunities and wealth building for all residents.
Join the Economic Mobility Peer Network
NLC’s Economic Mobility Peer Network (EMPN) is open to city leaders, staff and partners. EMPN offers opportunities to connect with other cities and hear from leading experts on topics designed to help cities boost residents’ economic mobility using strategies grounded in equity.
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