COVID-19 has been a fiscal disaster for cities, and the full impact on city budgets continues to unfold daily. When a city will feel the brunt of the impacts depends on a number of factors, such as tax structure, the composition of vulnerable local industries, and the strength of your region’s and state’s intergovernmental partnerships. Furthermore, COVID-19 will likely only accelerate whatever economic trends your community was facing before.
We know that more emergency funding is needed to help local municipalities stay afloat. The first webinar highlighted below covers the Federal Reserve’s new Municipal Liquidity Facility that will buy municipal bonds directly from cities, states, and counties. The second webinar offers resources for cities seeking to distribute aid to their unbanked and vulnerable populations.
EARN: Discussion on the Federal Reserve’s new Municipal Liquidity Facility
Friday, April 24 at 3:00 pm ET. Register in advance here.
The Federal Reserve has opened a number of new credit facilities meant to ease credit conditions and foster economic recovery. One of the most notable new facilities is the municipal lending facility (MLF), which will buy up to $500 billion in debt from states and cities. It is important to understand both the opportunities but also the MLF’s limits. Register to learn more.
As COVID-19 tears through cities, low income communities are bearing the greatest financial burden. MOCAFI creates a path for communities to achieve financial inclusion, and they’re offering new municipal card solutions to help cities do just this. MOCAFI’s “Immediate Response” Prepaid Card allows a municipality to fund and distribute subsidies or benefits immediately—and without a formal card enrollment process. Low-wage earners and special needs populations can be repeatedly assisted, as needed.
Live City Response Feed
Our live city response feed provides you with a curated list from around the country, making it quick and easy to access the most relevant ideas for city leaders. Submit your own innovative policies here. To see the city responses so far: