June 17, 2021
The NYC Juneteenth Financial Justice Plan builds generational wealth and confronts the persistently rising racial wealth hole in America
NEW YORK—Mayor Invoice de Blasio and the Taskforce on Racial Inclusion and Fairness (TRIE) in the present day introduced the NYC Juneteenth Financial Justice Plan: Constructing Generational Wealth. The NYC Juneteenth Financial Justice Plan seeks to construct generational wealth and confront the persistently rising racial wealth hole in America.
“Juneteenth marked the tip of slavery, however not the tip of systemic, structural racism in America,” stated Mayor Invoice de Blasio. “To start to restore harms of the previous, New York Metropolis is investing sooner or later and constructing generational wealth.”
“Racial inequity just isn’t solely about bias and trauma — it is perpetuated by an unlimited wealth hole,” stated First Woman Chirlane McCray. “The median internet price of white households is roughly eight occasions as a lot as that of Black households, for instance. That hole represents generations of underinvestment and generations of unrealized desires and potential. Our announcement in the present day that 529 School Financial savings Accounts will probably be offered to each NYC public faculty pupil coming into kindergarten is a gigantic stride ahead. Mixed with the announcement of scholarships for CUNY college students and a wide-ranging Brooklyn Restoration Corps program, we’re persevering with to put in writing a brand new ending to New York’s story of two cities.”
“Juneteenth celebrates what was—and continues to be—a worldwide battle in opposition to oppression,” stated Deputy Mayor for Strategic Coverage Initiatives J. Phillip Thompson. “Our ancestors believed training can be the important thing to Black liberation, and that’s the reason it’s so proper to put money into training in the present day in honor of Juneteenth. It’s an funding in making NYC a real image of freedom.”
“Juneteenth serves as a lesson in perseverance for all Individuals. Whereas we now have made a lot progress, the legacy of slavery nonetheless impacts our society and is way of the rationale why we nonetheless see important gaps in wealth and alternative for African Individuals,” stated Sideya Sherman, Govt Director of the Taskforce on Racial Inclusion & Fairness. “With in the present day’s announcement, we’re honoring Juneteenth by investing in our younger folks at every finish of the academic spectrum. Via CUNY scholarships and 529 financial savings accounts, we’re guaranteeing that they’ve the monetary assist and belongings they should get forward.”
“Intergenerational racial disparities are the deliberate and intentional consequence of structural and institutional racism starting with slavery and persevering with in the present day”, stated Jennifer Jones Austin, Esq., Chair of the NYC Racial Justice Fee. “Mayor de Blasio’s Juneteenth Financial Justice Plan with instructional investments is a welcomed and far wanted down fee by authorities on a debt lengthy owed to Black individuals and different individuals of shade. The Mayor’s initiative evidences his dedication to making sure racial fairness in energy, entry, and alternative.”
“Juneteenth is a time to recommit ourselves to equality and the work of making a extra simply New York Metropolis for all, particularly our college students,” stated Colleges Chancellor Meisha Porter. “Investing within the instructional journey of our youngest learners is an apt method to mark this Juneteenth and I’m grateful to all who’ve come collectively to make this potential.”
“Marking Juneteenth by making significant investments to advance fairness is suitable and essential, and our workplace is proud that Children Rise and ACE, two initiatives we now have funded and helped champion, are going to scale,” stated Matt Klein, Govt Director of the Mayor’s Workplace for Financial Alternative. “These initiatives are rooted in proof and can assist make our metropolis a fairer place, the place extra New Yorkers are in a position to fulfill their full potential.”
The NYC Juneteenth Financial Justice Plan contains:
Common NYC Child Bonds: Increase NYC Children Rise to each public faculty youngster
New York Metropolis will straight confront the racial generational racial wealth hole by increasing financial savings plans to each single public faculty kindergarten pupil subsequent faculty 12 months. This initiative will each open accounts and put a minimal of $100 into each account.
In 2016, Mayor de Blasio launched a child bonds 529 school financial savings pilot in Queens Faculty District 30 in partnership with the non-profit, NYC Children Rise (NYCKR). Youngsters on this district now have over $6 million to go towards their school and profession coaching.
Constructing on success of the pilot, the Juneteenth Financial Justice Plan expands NYCKR by means of public-private partnerships to all faculty districts, offering common 529 financial savings accounts to each public-school youngster, beginning in Kindergarten this upcoming faculty 12 months. The Metropolis will make investments $15 million yearly by means of 2025. Each public greenback is estimated to leverage 15-20 occasions in philanthropy, household financial savings, group scholarships, and funding returns by the point a youngster graduates from highschool.
CUNY Scholarship Fund: Over 2,800 four-year CUNY scholarships for Black and low-income college students
New York Metropolis will promote the training and profession success of Black and low-income college students by offering over 2,800 four-year CUNY ACE mannequin scholarships valued at $4,000 per 12 months. This $45 million funding will assist cowl gaps in monetary assist, books, transportation, and advising for eligible college students.
The program will serve 1,000 college students at Medgar Evers School and 1,800 low-income college students within the Taskforce neighborhoods hit hardest by COVID, NYCHA housing developments, and different low-income zip codes.
The Brooklyn Restoration Corps at Medgar Evers School: Paid internships, work expertise and profession prep for over 200 college students a 12 months
Medgar Evers School will launch the Brooklyn Restoration Corps to supply over 200 college students yearly with the alternative to contribute to the continuing financial restoration of Brooklyn, specializing in experiences that combine science, enterprise, public well being, or the inexperienced economic system.