NEW YORK CITY – A pilot program to help New York’s children lay the foundations for their future is emerging as a universal initiative.
Starting this fall, every kindergarten in New York City will receive a $ 100 baby bond to help the city’s youngest students start saving.
The mayor announced the move Thursday as part of the city of Juneteenth’s economic justice plan, aimed at creating generational wealth for black and low-income students in New York City.
“Right now in America, the net worth of the average white family has increased ten times that of the average black family. The answer is redistribution, ”the mayor said on Thursday.
Each student in a public school will receive a $ 529 college savings account with a minimum of $ 100 as the city invests in their children’s future.
In February, PIX11 covered a pilot program at Astoria Houses that gave Queens students “baby bonds” that helped create 13,000 kids with college savings accounts with combined assets of $ 6 million.
“Money makes a difference, not just for shopping, but where these kids can go,” said Claudia Coger, 85, president of tenants at Astoria Houses.
It is estimated that every dollar invested from public funds is leveraged at least 20 times through philanthropy, family savings, community scholarships and / or returns on investment by the time a child graduates from school. ‘high school education, the city said in a statement.
The mayor described several other initiatives under the economic plan, including a CUNY scholarship fund and internships through Medgar Evers College.
For a full list of NYC Juneteenth events, visit nyc.gov/Juneteenth
Juneteenth commemorates June 19, 1865, when Union soldiers announced freedom to enslaved blacks in Galveston, Texas, two months after Confederacy surrendered. It was also about two and a half years after the Emancipation Proclamation freed slaves in the Southern States.
Thursday became the first new federal holiday since the establishment of Martin Luther King Jr. Day in 1983.
This story includes previous reporting from Monica Morales of PIX11.
Suggest a correction