Bloomberg to donate $16.2 million to five cities for financial planning help

Mayor Michael Bloomberg

Mayor Michael Bloomberg (Credit: Mayor Michael Bloomberg (Getty Images))

Mayor Michael Bloomberg plans to donate $16.2 million to five cities to help their residents learn how to manage money better, he said on MSNBC's "Morning Joe" Tuesday.

Bloomberg Philanthropies and Living Cities' Cities for Financial Empowerment (CFE) Fund will give the grants to replicate New York City's 2008 program that gives free one-on-one financial counseling to low-income residents.

The investment will fund programs in Denver; Lansing, Mil; Nashville.; Philadelphia, and San Antonio.

The Financial Empowerment Centers will open in March and are expected to help 30,000 people over the next three years.

"The innovative financial empowerment initiatives we pioneered here in New York City have been an important part of our work to help New Yorkers weather the national economic downturn," Bloomberg said in a statement. "We know that mayors are increasingly seeking strategies that will help their residents achieve long-term financial stability."

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