MetLife Foundation Announces Recipients of Its $10 Million Fund Aimed at Addressing the Income and Wealth Divide

Rhea-AI Summary

MetLife Foundation (MET) awards 24 non-profit organizations with $10 million Accelerating Commitment to Equity Innovation Fund. Each recipient receives a $250,000 grant to address income and wealth inequality in historically disinvested communities. The ACE Innovation Fund focuses on financial security, small business growth, narrative change, homeownership, affordable housing, and good jobs. Grantees will implement their proposals in several US cities and will have access to follow-on funding and support from partner organizations.

Grants awarded to 24 non-profit organizations from communities across the United States through the Foundation’s Accelerating Commitment to Equity Innovation Fund

NEW YORK--(BUSINESS WIRE)-- MetLife Foundation today announced the 24 non-profit recipients of its two-year, $10 million Accelerating Commitment to Equity Innovation Fund (ACE Innovation Fund). The fund aims to democratize access to capital for non-profit organizations addressing income and wealth inequality in communities that have been historically and systemically disinvested.

Each non-profit recipient was awarded a $250,000 grant to implement or accelerate their proposal. These proposals center on one of the focus areas of the ACE Innovation Fund – financial security and longevity, small business growth and job creation, narrative change, homeownership, affordable housing and community revitalization, and good jobs.

“We are living in a dynamic environment that requires us to address the most pressing issues of today head on, while advancing our work for the future,” said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife. "Our vision for the ACE Innovation Fund is to address the growing income and wealth divide and instill confidence for the future by investing in the visionary, bold, and forward-looking solutions of today’s leaders and non-profits.”

The 2023 ACE Innovation Fund grantees have significant work or plan to implement their proposal in Atlanta, GA; Cary, Durham and Raleigh, NC; Chicago, IL; Newark, NJ; New York, NY; San Francisco, CA; or Tampa, FL. The selected grantees are part of a national cohort of actively engaged peers that will network and participate in a community of practice.

The full list of grantees can be viewed on MetLife Foundation’s website, and include:

• Atlanta Wealth Building Initiative to accelerate the capacity building and technical assistance programming of business-serving organizations to prepare Black-owned businesses to receive capital in Atlanta, GA.
• Chicago Community Loan Fund to accelerate efforts to educate and provide low-interest loans to residents of aging buildings to make improvements to the buildings – raising the value of cooperatively operated housing while keeping elderly residents homed in Chicago, IL.
• La Casa de Don Pedro to implement their healthy homes and community empowerment programs in Newark, NJ, fostering self-sufficiency, empowerment and neighborhood revitalization by bringing together essential local services to enhance affordable housing.
• MDC, Inc. to implement the coordination of an Integrated Services Delivery Network of community-based organizations in Durham, NC, connecting low-income residents with public benefits, social supports and career training.
• The Laundromat Project to accelerate programs that build stronger community connections, promote cultural preservation and facilitate generational wealth building for longtime residents of Brooklyn, NY.
• The New York Women’s Foundation to implement the Bronx Economic Justice Project to advance opportunities within the green economy and develop a cohort of women and gender-expansive individuals focused on advancing economic security in Bronx, NY.

The ACE Innovation Fund recipients will take part in a cohort to measure impact and report on the outcomes of their interventions, with the opportunity to receive up to $150,000 in follow-on funding. MetLife Foundation is partnering with the Urban Institute Racial Equity Analytics Lab to study and measure the impact of each recipient’s interventions and Community Resource Exchange (CRE) to provide capacity building support for grantees and their staff. This wraparound support is integral to the ACE Innovation Fund to put tools, resources and advantages in the hands of the grantees to fully implement or accelerate their programs.

For more information on MetLife Foundation and the ACE Innovation Fund, visit www.MetLife.org.

About MetLife Foundation

At MetLife Foundation, we are committed to driving inclusive economic mobility for underserved and underrepresented communities around the world. We collaborate with nonprofit organizations and provide grants aligned to three strategic focus areas – economic inclusion, financial health and resilient communities – while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its inception, MetLife Foundation has contributed over $1 billion to strengthen communities where MetLife has a presence. To learn more about MetLife Foundation, visit www.metlife.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231205832727/en/

For Media:

Olivia Janicelli

(212) 578-3547

olivia.janicelli@metlife.com

Source: MetLife Foundation

FAQ

What is the purpose of MetLife Foundation's ACE Innovation Fund?

The fund aims to democratize access to capital for non-profit organizations addressing income and wealth inequality in historically disinvested communities.

How much grant money did each non-profit recipient receive?

Each non-profit recipient was awarded a $250,000 grant to implement or accelerate their proposal.

What are the focus areas of the ACE Innovation Fund?

The focus areas include financial security and longevity, small business growth and job creation, narrative change, homeownership, affordable housing, and good jobs.

Where will the proposals be implemented by the grantees?

The grantees will implement their proposals in cities such as Atlanta, GA; Cary, Durham and Raleigh, NC; Chicago, IL; Newark, NJ; New York, NY; San Francisco, CA; or Tampa, FL.

What support will the ACE Innovation Fund recipients receive?

Recipients will have access to a cohort to measure impact and report on outcomes, with the opportunity to receive up to $150,000 in follow-on funding. MetLife Foundation is partnering with the Urban Institute Racial Equity Analytics Lab and Community Resource Exchange to study and measure impact and provide capacity building support for grantees and their staff.