Purpose of Meeting
The CityStart initiative in Springfield will focus on Mason Square, a historically significant area comprising four neighborhoods—McKnight, Old Hill, Upper Hill, and Bay. Originally developed in the 1870s, Mason Square is home to Victorian architecture, the McKnight National Register Historic District, and key institutions such as American International College. Historically, McKnight was a center for Springfield’s African American and Jamaican communities, with Bay remaining a primary hub for these populations today.
Residents in these neighborhoods, particularly low-income and Black residents, face severe financial instability, including high poverty rates (29.9%), low median household incomes (McKnight: $25,042, 2nd percentile nationally), housing affordability challenges, and educational attainment gaps (only 12% of McKnight adults hold a bachelor’s degree, compared to 31% nationwide). Historical segregation and systemic disinvestment have worsened economic barriers, concentrating poverty in areas like Old Hill.
Opportunities for Improvement:
Efforts to combat these challenges include community-led initiatives, neighborhood investment plans in collaboration with the Pioneer Valley Planning Commission, and affordable housing development through organizations like HOPE Community Development Corporation. Addressing these issues requires targeted investments, policy interventions, and community engagement. The CityStart Grant will be a key driver in reducing financial disparities, tackling racial inequities, and fostering long-term economic justice in Springfield’s underserved communities.
Black residents face high poverty rates, low median household incomes, housing affordability challenges, educational attainment gaps (only 12% of McKnight adults have bachelor’s degrees), while historical segregation and systematic disinvestment have worsened economic barriers. CityStart will provide a crucial step toward reducing poverty, addressing racial disparities, and fostering long-term economic justice. The aim of CityStart is to help government embed financial empowerment strategies into municipal infrastructure, simultaneously helping to design and find funding for programs. The result is to create a blueprint (actionable and intention-able), for ways that Springfield can further financial empowerment efforts.
( Asset building, banking assets, consumer financial protection, financial education, and counseling) + (municipal government commitment, program integration) + (community partners & local stakeholders) = MUNICIPAL FINANCIAL EMPOWERMENT!!