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California launches trust fund for foster, COVID-bereft youth
Interior of the Korean American Family Services office.
(
Noé Montes
/
LAist
)
California foster youth and children who have lost a parent to COVID can now apply for a trust fund to help them begin their adult lives.
The Hope, Opportunity, Perseverance and Empowerment (HOPE) program, created by the state Legislature in 2022, will invest $3,000 per child in a trust fund that they can access when they are 18. About 56,000 children could benefit from this program, according to a state press release.
“For California’s most vulnerable children, early financial support can help counter the long-term impacts of poverty and instability, and create a foundation for long-term financial security,” said California State Treasurer Fiona Ma, who serves as chair of HOPE. “HOPE is designed to provide that equitable access and make a lasting impact.”
Children who have spent at least 18 months in foster care or have had family reunification services terminated, and children who have lost a parent or primary caregiver to COVID can apply for funds at hopeaccount.ca.gov.
For more information, contact HopeForChildren@treasurer.ca.gov.
EdSource is an independent nonprofit organization that provides analysis on key education issues facing California and the nation. LAist republishes articles from EdSource with permission.
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