Dodge Foundation Awards $1.6 Million in Economic Development Grants

The Geraldine R. Dodge Foundation in Newark, New Jersey, has announced economic development grants totaling $1.6 million to help address racial wealth gaps in the state.

Grants were awarded to Paterson-based organizations that support the city’s economic stability, housing security, and workforce development. The funds include a two-year, $300,000 grant to the City of Paterson Financial Empowerment Center to expand access to free, professional, one-on-one financial counseling for residents. Other recipients include Montclair State University Foundation for its Paterson Anchor Collective, Eva’s Village, New Destiny Family Success Center, and LISC–New Jersey in support of its Paterson One Square Mile Initiative.

“The Dodge Foundation is deepening its commitment to Paterson by investing in a portfolio of organizations that meet the needs of residents across the spectrum of economic insecurity and mobility,” the foundation wrote in a release. “The investments and organizations work together and in concert to advance financial stability, housing security, employment opportunities, community resilience, and wealth-building for communities of color.”