MEMPHIS, TENN. June 2, 2025 — The City of Memphis, Division of Housing and Community Development (HCD) in partnership with the national nonprofit Cities for Financial Empowerment Fund (CFE Fund), has been selected to join the CityStart initiative—an innovative program that works directly with local governments to develop and implement proven strategies aimed at helping families and communities become more financially stable.
CityStart offers participating cities intensive technical assistance and a $100,000 planning grant to develop a comprehensive financial empowerment blueprint tailored to local needs. Through this initiative, Memphis will work alongside residents and community stakeholders to create a clear, actionable plan that aligns with Mayor Paul Young’s vision for a stronger, more financially resilient city.
“Financial empowerment is key to building the Memphis we all deserve. The CityStart initiative is designed to help expand access to the tools people need to move from surviving to thriving” said Memphis Mayor Paul Young. “This partnership with the CFE Fund will accelerate that work and help us deepen the investment we are making in our people.”
“Across the country, leaders are using the levers of local government to deploy financial empowerment strategies that improve their residents’ financial stability. Our CityStart initiative provides a platform for deep engagement between governments, residents, and other critical partners to create a community-informed plan for transforming residents’ financial lives,” said Jonathan Mintz, President, and Chief Executive Officer of the Cities for Financial Empowerment Fund. “We look forward to working with Mayor Young and the City of Memphis to advance financial empowerment and wealth opportunities for all Memphians.”
As part of the CityStart initiative, Memphis will focus on building systems that help residents access safe banking services, reduce debt burdens, and improve access to programs that support financial growth—especially for underserved communities. The work will complement existing City priorities around economic inclusion, affordable housing, and neighborhood revitalization.
Memphis joins a competitive national cohort of other cities and counties selected for CityStart, including Kansas City, MO; Milwaukee County, WI; Savannah, GA; Springfield, MA; and St. Petersburg, FL. Through the initiative, Memphis will also engage in peer learning and idea exchange with other local governments across the country, sharing data and strategies for overcoming shared challenges.
Cities that have completed the CityStart process have gone on to launch impactful policies and programs that expand financial opportunity. For example, Cincinnati, OH created a Financial Freedom Plan to address medical debt and support financial wellness citywide. Leon County, FL used its blueprint to connect residents to legal housing resources and expand access to financial counseling and youth banking programs.
Memphis is part of CityStart’s seventh cohort. To date, 44 local governments have developed financial empowerment blueprints through the initiative, guided by the CFE Fund’s decade of work supporting over 150 municipalities nationwide.
About the Cities for Financial Empowerment Fund (CFE Fund):
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders in nearly 150 cities and counties to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources – including 44 local governments that already have participated in the CityStart engagement. The CFE Fund has disbursed over $69 million in grant support to municipal partners. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social.
For more information about the City of Memphis’ Financial Empowerment initiative, email Felicia Harris, Deputy Director of Policy, and Programs at [email protected].