Establishes a baby bond pilot program for foster youth in New York City.

The bill establishes a baby bond pilot program for foster youth in New York City. It provides funds through bonds to support foster care youths aged 8-18 from low-income households with limited familial support. Participants receive initial deposits and monthly contributions until age 25. Funds can be used for qualified expenses like education or home purchases. If not used by age 40, the funds convert to an individual retirement account. The program includes financial counseling and annual reports on participant wellbeing.

Establishes a baby bond pilot program for foster youth in New York City.

The bill establishes a baby bond pilot program for foster youth in New York City. It provides funds through bonds to support foster care youths aged 8-18 from low-income households with limited familial support. Participants receive initial deposits and monthly contributions until age 25. Funds can be used for qualified expenses like education or home purchases. If not used by age 40, the funds convert to an individual retirement account. The program includes financial counseling and annual reports on participant wellbeing.