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The Federal Reserve Bank of Boston will inject $1.8 million into six struggling Massachusetts cities as part of its first ever effort to transform urban neighborhoods by fostering civic leadership through long-term collaboration between government, business, and non-profits.
If the initiative is successful, Boston Fed officials hope to expand the competitive grant program throughout New England and provide a model for the 11 other Federal Reserve banks across the country to extend their roles in community development.
“Our desire is to have a more direct impact, real impact on these cities,” said Boston Fed president Eric S. Rosengren.
Rosengren on Wednesday will announce the first six communities to win grants of between $100,000 and $700,000, using funds provided by private foundations and the state.