Establishes a program for financial transitional living services for foster children in New York.

The bill establishes a program to assist foster children in New York with financial security and independence as they transition to independent living. It mandates the Office of Children and Family Services to create independent development savings accounts for foster children over 16. The program requires foster children to attend financial literacy and independent living classes. The savings accounts can be funded by earnings, gifts, and matching funds from public or private entities. The accounts prohibit withdrawals until the child turns 18 or leaves the program, whichever comes first.

Establishes a program for financial transitional living services for foster children in New York.

The bill establishes a program to assist foster children in New York with financial security and independence as they transition to independent living. It mandates the Office of Children and Family Services to create independent development savings accounts for foster children over 16. The program requires foster children to attend financial literacy and independent living classes. The savings accounts can be funded by earnings, gifts, and matching funds from public or private entities. The accounts prohibit withdrawals until the child turns 18 or leaves the program, whichever comes first.