Field Empowerment Fund 2023

Field
Empowerment
Fund

Award Announcements

Creating a Just Economy through Racial Equity

Morgan Stanley’s commitment to the economic viability of minority and underserved communities directly supports the purpose of the Community Reinvestment Act. NCRC is proud to administer this $5 million fund for community development organizations advancing racial equity.

Winners

Housing Counseling

Small Business

Housing Affordability

Three Focus Areas

At nearly all income levels, investing in a home has enabled individuals and families to build equity and generate wealth. Over time, homeownership and rising property values have proven to be a key part of upward mobility. However, for too many Americans — particularly people of color — this dream has often been just out of reach. Construction and non-construction projects are eligible under this grant opportunity.

Entrepreneurship for women and minorities is a critical wealth building tool. A Just Economy includes ecosystems of entrepreneurs who have access to the tools, capital, knowledge, and networks to create a supportive environment in which to grow their businesses.

HUD-approved housing counseling agencies providing tools to current homeowners, prospective home buyers, renters, homeless, and victims of disaster, so they can make responsible choices to address their housing needs.

Eligibility Criteria

CDFI Applicants

Must be a certified CDFI;
Is a legal entity at the time of application;
Has a primary mission of promoting community development;
Is a financing entity;
Primarily serves one or more target markets;
Provides development services in conjunction with its financing activities;
Maintains accountability to its defined target market; and
Is a non-government entity and not under the control of any government entity (Tribal governments excluded).
NCRC Member by time of application submission.

Funds may be granted to organizations that:

Serve primarily LMI individuals, families or communities
Seek funds to support a specific program that primarily benefits LMI individuals, families or communities or small business development
Propose projects directly addressing racial equity within the African American and/or Hispanic communities

Non CDFI Applicants

501 c3
NCRC Member by time of application submission

Funds may be granted to organizations that:

Serve primarily LMI individuals, families or communities
Seek funds to support a specific program that primarily benefits LMI individuals, families, or communities or small business development
Propose projects directly addressing racial equity within the African American and/or Hispanic communities

Frequently Asked Questions

What is the Field Empowerment Fund?

NCRC’s Field Empowerment Fund (FEF) supports organizations that are making strides in helping low-wealth communities, with a focus on advancing racial equity through affordable housing, small business and housing counseling.

Will there be future funding from this grant initiative?

This the second and final installment of the Field Empowerment Fund powered by Morgan Stanley

How will Grantees be selected?

An internal NCRC team of interdisciplinary professionals will rank and score applications based upon proposal strength in the following categories:

Scale
Implementation
Impact
Innovation

An aggregate score will be used to determine Grantees. Scale and innovation will be given consideration in determining award amounts.

How are we defining racial equity?

Racial equity is a vision of a future where access to economic and wealth-building resources and opportunities is not predicated on race and is free of racial bias. We seek to accomplish and advocate for racial equity work in housing, small business and community reinvestment that centers the most vulnerable, low-wealth communities and people of color while addressing historic and existing structural, institutional and individual contributors to inequity, and by championing bold and data-driven policy, programmatic and systemic solutions to accelerate their community, economic and wealth growth.