Atlanta City Council passes child savings account, guaranteed income programs
ATLATNA - The Atlanta City Council approved a Child Savings Account Program and a Guaranteed Income Pilot legislation pushed by Mayor Keisha Lance Bottoms.
The Child Savings Account Program offers a one-time deposit of $50 into an educational savings account for Atlanta Public Schools kindergarteners from low-income households.
Savings Account recipients must meet the program’s family income and equity-focused criteria. Atlanta is donating $2 million to Operation HOPE, Inc. to establish the program.
"The Child Savings Account Program is an investment in our children, their families and the future of our city," Bottoms said. "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 Guaranteed Income Pilot program, titled "I.M.P.A.C.T." (Income Mobility Program for Atlanta Community Transformation), aims to provide 300 Atlanta residents who are at least 18 years old and live below 200% of the federal poverty line with $500 per month in guaranteed income during the 12-month pilot period.
The city will donate $2 million to Urban League of Greater Atlanta to launch the pilot program. Urban League will also receive $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."
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