A Local Law in relation to a pilot program to establish a baby opportunity fund

Summary

This bill would require the Department of Youth and Community Development (DYCD) or any agency designated by the Mayor, to partner with a non-profit organization which manages qualified interest bearing savings accounts to establish a baby opportunity fund. The agency would coordinate with the Department of Health and Mental Hygiene (DOHMH) to identify eligible children that qualify for the program and submit applications for eligible children to the non-profit organization. $2000 would be deposited in the account within 3 months after the application for the eligible child is received. The agency must also submit a report to the Mayor and Speaker of the Council, assessing the feasibility of continuing or expanding the program.

Official summary of legislation · NYC Council