A non-profit organization Los Angeles Mayor Eric Garcetti helped establish will enter a partnership to invest in distressed communities across the nation, it was announced Tuesday.
The Mastercard Center, a philanthropic subsidiary of the credit card giant, along with Garcetti’s Accelerator for America are partnering together to fund an $850,000 philanthropic grant from the Mastercard Impact Fund to help Accelerator assist 50 city leaders and their communities maximize the potential of the federal Opportunity Zone incentive.
The Mastercard Center said it will give “in-kind support” in the form of data science expertise, economic development tools and research to help city leaders make evidence-based decisions.
Garcetti made the announcement from Newark, New Jersey during the Forbes Opportunity Zones Summit. This was Garcetti’s second trip in as many weeks out of state, following a nearly weeklong trip to Israel last week. He is set to return on Wednesday.
Yusef Robb, a political spokesperson for Garcetti, did not respond to questions regarding details of the nonprofit’s funding, but said that Accelerator for America pays the mayor’s expenses for when he speaks and travels at their events.
Accelerator for America is a nonprofit consortium of mayors, labor and business leaders, and urban and economic development experts.
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