The One Albuquerque Fund a city-supporting foundation is administering the program funded with city money.
Nicole Bedford, a coordinator working on the program, said the grants are the first phase and will represent about $300,000 to $400,000 worth of spending.
Most of the rest will go toward a second phase that remains in development.
The next phase will be more program-based, Bedford said. It could entail training opportunities for business owners or investments related to arts, culture or even mental health. The Fund is presently soliciting feedback to help set the direction.
“We want the second phase to be as impactful as we can (make it) in the Black community,” she said.