Fort Lauderdale, Fla. and Atlanta – April 14, 2021 – The Federal Reserve Bank of Atlanta and the Greater Fort Lauderdale Alliance Foundation announce the signing of a memorandum of understanding (MOU) regarding Prosperity Broward, an initiative of the Alliance Foundation’s Prosperity Partnership. The memorandum, which was signed on April 7, focuses on expanding economic mobility in areas within Broward County.

The MOU outlines a commitment by the Atlanta Fed’s Community and Economic Development (CED) team and the Prosperity Broward team to work together to build, launch, and support the initiative. With the assistance of the Atlanta Fed’s CED team, Prosperity Broward plans to qualitatively and quantitatively measure data showcasing the impact the initiative is having in communities that have experienced generations of inequality and a lack of access to opportunities. The MOU creates an operational framework that will help facilitate useful dialogues between local stakeholders as they work collectively on a plan of shared goals and policy changes that will put the entire community’s best interest first.

The Atlanta Fed CED team will provide data analysis, meeting assistance, public awareness and expertise, as well as share best practices to support small businesses of color. The Prosperity Broward team will actively engage with the Atlanta Fed CED team, sharing data and outcomes of the initiative’s work. Prosperity Broward is one of a handful of such projects around the nation being studied by the Atlanta Fed for best practices in addressing economic inequality.

“We are excited about the opportunity to partner with Prosperity Broward to advance economic mobility and resilience across the communities we collectively serve,” said David Altig, Atlanta Fed executive vice president and director of research. “The Atlanta Fed is eager to support these efforts to address disparities in employment outcomes for residents in certain high unemployment zip codes by sharing innovative ideas and best practices to foster an inclusive and resilient economy.”

“The Prosperity Broward team is honored and excited to deepen our partnership with the Atlanta Fed CED team officially through the MOU. It is our hope that through data sharing and greater cooperation we can make meaningful progress toward economic mobility in our community,” said Bob Swindell, President & CEO of the Greater Fort Lauderdale Alliance.

Prosperity Broward’s vision is “creating pathways to prosperity for all Broward County residents,” focusing on six high-poverty and high-unemployment zip codes: 33311, 33313, 33309, 33319, 33069, 33023. The initiative seeks to expand economic mobility in the six zip codes through: support services, training/education, job placement, employer engagement and policy change.

Prosperity Broward is co-chaired by Gregory A. Haile, President, Broward College, who also serves on the Atlanta Fed’s board of directors; Lauren Marcum, South Florida Market Executive Director, JPMorgan Chase & Co., Newton Sanon, President & CEO, OIC of South Florida.

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The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks, and provides a variety of financial services to depository institutions and the U.S. government. The Atlanta Fed's Community and Economic Development department supports the central bank's mandate of stable prices and maximum employment by working to improve the economic mobility and resilience of people and places for a healthy economy.

The Greater Fort Lauderdale Alliance  (www.gflalliance.org) is Broward County’s official public/private partnership for economic development. Its mission is to lead Broward County in building a stronger and more diverse economy by stimulating the creation of new jobs and capital investment while facilitating the growth and retention of businesses in Broward County.  Services offered by the Alliance include assistance with business relocation or expansion and site selection; incentive programs and information; market research; and serving as a liaison for workforce development between CareerSource Broward, educational institutions and the business community.  To learn more, call (954) 524-3113.

The Prosperity Partnership, an initiative of the Greater Fort Lauderdale Alliance Foundation, is a collective impact initiative that continues to rally the local community around a single shared vision – to create greater economic prosperity for all businesses and residents of Broward County.  Since its founding in 2011, thousands of local business, academic, community, and public leaders have participated in the initiative to power prosperity for all.  To learn more, please contact Joseph E. Hovancak, Executive Director of the Prosperity Partnership, [email protected].

 

 

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