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City Council Approves Funds To Establish Community Development Corporation

Release Date: 2019-09-09

By Alena Maschke

In an effort to implement recommendations made by the ‘Everyone In’ taskforce for economic inclusion, spearheaded by 9th District Councilmember Rex Richardson, the Long Beach City Council has approved funds in the amount of $125,000 for the establishment of a Community Development Corporation (CDC). The Wells Fargo Foundation has provided an additional grant of $115,000 which will be used to sustain the CDC through its first year.

“What we’re hoping to achieve is to bring access and opportunities to communities that have traditionally been underserved or are – just from a statistical standpoint – not as thriving as other parts [of the city],” Linda Nguyen, Wells Fargo’s vice president of community relations for the Greater Los Angeles and Orange County West Region, told the Business Journal.

Wells Fargo does not require cities to match its contribution to local projects, Nguyen said, but she also noted that the foundation felt re-assured by the city’s participation. “To me this is something very unique and very remarkable that a city would want to come in, that they want to provide funding and support,” Nguyen said. “I think it demonstrates that we’re getting buy-in from various stakeholders and that this is truly a public-private partnership.”

Read more on the Long Beach Business Journal