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No co-sponsors yet.
History
- Referred to children and families
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the social services law, in relation to establishing a program for financial transitional living services for foster children
Purpose
The purpose of this act is to facilitate access to safe and stable housing for children aging out of foster care, and to provide financial literacy and education through programs that can make them better equip to manage their financial needs.
Summary of provisions
The social services law is amended by adding a new section 393, to create a program for financial transitional living services for foster care children. In addition, the Office of Children and Family Services shall enter into an agreement with financial institutions to establish the Independent Development Account.
Justification
A major new study reveals that an alarming share of young people who age-out of New York City's foster care system are failing to obtain and hold on to jobs, and that part of the problem is that city government and foster care agencies are either not adequately focused on providing workforce preparation services to these youngsters or not equipped to do so.
For many children aging out of foster care, finding affordable and stable housing is often difficult. The opportunity to hold a decent stable employment, continue their education, or care for themselves is made difficult by their inability to secure safe affordable housing. For many, newly emancipated youth, financing first month's rent and deposit without having appreciated credit, makes it impossible for them to sign a lease, let alone furnish a home. Creating an Individual Development Account (IDA) will be the first step in creating independence for foster care youth.
With an Individual Development Account, foster care youth will be given a match savings account that can be used to save for specific expenses such as housing, and apartment down payment/deposit. Attendance in a financial literacy and life style classes will be mandatory, and for each fully attended and participated class session, a stipend will be given that can be placed into an IDA and then later matched by the Department of Social services.
By initiating and implementing the IDA program, foster care youths will learn how to be financially savvy and how to prepare for, and maintain a job through classes and trainings that would be taught through organizations in the city.
Legislative history
None.
Fiscal implications
Based on latest statistics taken in December 2012, New York State total number of foster care youth have significantly reduced to 20,539 which is a significant reversal of trends from the 1980s and early 1990s. An Individual Development Account for the final two years prior to obtaining eligibility for emancipation is anticipated at one million dollars. LOCAL FISCAL IMPLICATIONS :
One Million Dollars.
Effective date
This bill will take effect within six months succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.