Not sure about US initiatives, but in the UK and more recently NZ there is a 'public service' or 'local democracy' initiative where journalists are jointly fund

Not sure about US initiatives, but in the UK and more recently NZ there is a 'public service' or 'local democracy' initiative where journalists are jointly funded to cover local news, in partnership with a public service broadcaster (i.e the BBC, or Radio New Zealand) - see https://www.pressgazette.co.uk/bbc-confident-others-will-follow-as-new-zealand-sets-up-own-local-democracy-reporters-scheme/ https://www.pressgazette.co.uk/bbc-confident-others-will-fol... . It's still early but is promising.