The city is looking to help children of low-income New Yorkers attend college.
Beginning next fall, the mayor's office will launch NYC's Child Savings Account. The three-year pilot program will create college savings accounts for thousands of public school kindergartners.
About 3,500 children will receive $100 deposited into a 529 college savings account. The families will then be eligible to receive another $200 over the next four years, but only if they meet certain requirements, such as saving their own money.
The program is being financed by a $10 million donation from the global head of real estate at the investment firm Blackstone Group.