ATL Standard

City of Atlanta issued the following announcement on Nov. 15. 

Mayor Keisha Lance Bottoms’ commitment to launch a Child Savings Account Program and Mayors for Guaranteed Income Pilot took a major step forward with legislative approval from the Atlanta City Council.

Child Savings Account Program: Legislation championed by Mayor Keisha Lance Bottoms and passed by City Council will support and serve Atlanta kindergartners from low-income households through a partnership with Atlanta Public Schools (APS). The program will provide qualifying kindergartners with a one-time deposit of $50 in a savings account reserved for expenses related to education. All recipients or their school must meet the program’s family income and equity-focused criteria. With approval of this resolution, the City will donate $2 million to nationally renowned local nonprofit organization, Operation HOPE, Inc. to establish the program. Operation HOPE, Inc. will work with a nationally reputable financial institution to establish the savings accounts. 

“The Child Savings Account Program is an investment in our children, their families and the future of our city,” said Mayor Keisha Lance Bottoms. “I made this commitment during my campaign and am grateful to have it delivered to families across Atlanta. By establishing long-term savings accounts for kindergarteners, our administration is helping to bolster the trajectory of students who are in most need of financial support to pursue their dreams of higher education.”

The Child Saving Account Program intends to increase college aspirations, improve college attendance and completion, reduce student debt and increase family financial capability.

Mayors Guaranteed Income Pilot Program: Mayor Bottoms is leading the effort to establish a Mayors for a Guaranteed Income Pilot Program, titled “I.M.P.A.C.T.” (Income Mobility Program for Atlanta Community Transformation), to meet the needs of our most vulnerable residents. This pilot aims to serve 300 Atlanta residents who are at least 18 years old and live below 200% of the federal poverty line. Participants will receive $500 per month in guaranteed income during the 12-month pilot period.

The resolution will authorize the City to provide the donation of $2 million to local nonprofit organization Urban League of Greater Atlanta to launch the pilot program. Urban League will also receive a donation of $500,000 from Mayors for a Guaranteed Income to support the program.

"I.M.P.A.C.T. is another major step toward our vision of One Atlanta – a more equitable, affordable, resilient city,” said Mayor Keisha Lance Bottoms. “This pilot program is an innovative solution to the pervasive economic insecurity and income inequality that exists around the country and it is a bold investment in our most underserved communities.”

Original source can be found here.