The NYC Juneteenth Economic Justice Plan builds generational wealth and confronts the persistently growing racial wealth gap in America
Mayor Bill de Blasio and the Taskforce on Racial Inclusion and Equity (TRIE) today announced the NYC Juneteenth Economic Justice Plan: Building Generational Wealth. The NYC Juneteenth Economic Justice Plan seeks to build generational wealth and confront the persistently growing racial wealth gap in America.
“Juneteenth marked the end of slavery, but not the end of systemic, structural racism in America,” said Mayor Bill de Blasio. “To begin to repair harms of the past, New York City is investing in the future and building generational wealth.”
“Juneteenth celebrates what was—and continues to be—a worldwide struggle against oppression,” said Deputy Mayor for Strategic Policy Initiatives J. Phillip Thompson. “Our ancestors believed education would be the key to Black liberation, and that is why it is so right to invest in education today in honor of Juneteenth. It is an investment in making NYC a true symbol of freedom.”
“Juneteenth serves as a lesson in perseverance for all Americans. While we have made much progress, the legacy of slavery still impacts our society and is much of the reason why we still see significant gaps in wealth and opportunity for African Americans,” said Sideya Sherman, Executive Director of the Taskforce on Racial Inclusion & Equity. “With today’s announcement, we are honoring Juneteenth by investing in our young people at each end of the educational spectrum. Through CUNY scholarships and 529 savings accounts, we’re ensuring that they have the financial support and assets they need to get ahead.”
“Juneteenth is a time to recommit ourselves to equality and the work of creating a more just New York City for all, especially our students,” said Schools Chancellor Meisha Porter. “Investing in the educational journey of our youngest learners is an apt way to mark this Juneteenth and I’m grateful to all who have come together to make this possible.”
"Marking Juneteenth by making meaningful investments to advance equity is appropriate and important, and our office is proud that Kids Rise and ACE, two initiatives we have funded and helped champion, are going to scale," said Matt Klein, Executive Director of the Mayor's Office for Economic Opportunity. "These initiatives are rooted in evidence and will help make our city a fairer place, where more New Yorkers are able to fulfill their full potential."
The NYC Juneteenth Economic Justice Plan includes:
Universal NYC Baby Bonds: Expand NYC Kids Rise to every public school child
New York City will directly confront the racial generational racial wealth gap by expanding savings plans to every single public school kindergarten student next school year. This initiative will both open accounts and put a minimum of $100 into every account.
In 2016, Mayor de Blasio launched a baby bonds 529 college savings pilot in Queens School District 30 in partnership with the non-profit, NYC Kids Rise (NYCKR). Children in this district now have over $6 million to go toward their college and career training.
Building on success of the pilot, the Juneteenth Economic Justice Plan expands NYCKR through public-private partnerships to all school districts, providing universal 529 savings accounts to every public-school child, starting in Kindergarten this upcoming school year. The City will invest $15 million annually through 2025. Every public dollar is estimated to leverage 20-25 times in philanthropy, family savings, community scholarships, and investment returns by the time a child graduates from high school.
CUNY Scholarship Fund: Over 2,800 four-year CUNY scholarships for Black and low-income students
New York City will promote the education and career success of Black and low-income students by providing over 2,800 four-year CUNY ACE model scholarships valued at $4,000 per year. This $45 million investment will help cover gaps in financial aid, books, transportation, and advising for eligible students.
The program will serve 1,000 students at Medgar Evers College and 1,800 low-income students in the Taskforce neighborhoods hit hardest by COVID, NYCHA housing developments, and other low-income zip codes.
Medgar Evers College will launch the Brooklyn Recovery Corps to provide over 200 students annually with the opportunity to contribute to the ongoing economic recovery of Brooklyn, focusing on experiences that integrate science, business, public health, or the green economy.
The $900,000 annual investments ($4.5 million over 5 years) will student fellows will gain technical skills, academic credit or paid internships, work experience, career preparation support and engagement with the community, and STEM-focused career placement opportunities.
The Taskforce on Racial Inclusion & Equity brings an equity-based approach to COVID-19 response and recovery efforts in the city's hardest-hit communities. Services and supports are tailored to meet the unique challenges of New Yorkers in communities of color that have been disproportionately impacted by the pandemic. More specifically, the Taskforce has made a series of announcements to build generational wealth including:
- Employee Ownership - pathway for employees to succeed their employers
- New M/WBE requirements, mentoring and matching services
- Equitable Ownership - requiring at least 25% M/WBE and/or non-profit ownership in Affordable Housing projects
- NYC Acquisition Fund – $210M loan fund for M/WBEs and non-profit developers
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