Bill > A07415

This bill establishes a baby bond pilot program for foster youth in New York City, designed to provide financial support and long-term economic opportunities for children in the foster care system. The program will select 1,500 foster children aged 8-17 and create individual investment accounts with initial deposits ranging from $1,000 to $10,000 based on age group, and contribute an additional $100 monthly until participants reach age 25. A nonprofit organization will manage the program, providing financial counseling and education, and tracking participants' progress. When participants turn 25, they can use the funds for specific purposes like starting a business, making a home down payment, or paying for education. If funds are not used by age 40, they will convert to a retirement account. The program aims to support low-income foster youth with limited familial support, with an initial appropriation of $10.5 million and plans to seek additional $2.5 million annually for 20 years. The Administration for Children's Services will oversee the program and publish annual reports monitoring participants' academic performance, disciplinary records, and overall well-being.

Education

https://www.nysenate.gov/legislation/bills/2025/A7415