Day care loans for NYC families - New York News

Day care loans for NYC families

Posted: Updated:
NEW YORK (MYFOXNY) -

The New York City Council has announced a program called the Middle Class Child Care Loan Initiative, which will offer subsidized loans to families to help pay for day care.

The pilot program will offer 6 percent loans of up to $11,000 to parents with children between the ages of 2 and 4.

"Early childhood education is one of the most important investments a parent can make," Speaker Christine Quinn said. "But too often, quality child care is out of reach for middle class families. The Middle Class Child Care Loan Initiative is a smart program that will help parents pay for child care and give New York City's next generation a jump start on their education."

New York City has one of the highest child care costs in the entire country, according to the City Council.

To qualify for the loan program, applicants must have an annual income between $80,000 and $200,000, a credit score of at least 620, and attend a free financial counseling session with a Neighborhood Trust counselor.

The program will provide financial assistance to 40 families in its first year.

The council, child care providers, advocates, and the New York City Child Care Resource and Referral Consortium will reach out to prospective participants about the program, the City Council said in a news release.

  • Local NewsLocal NewsMore>>

  • Skydiver dies after crashing into NJ backyard

    Skydiver dies after crashing into NJ backyard

    Monday, April 21 2014 10:23 AM EDT2014-04-21 14:23:02 GMT
    A 49-year-old sky diver from Brooklyn died after crashing into the backyard of a home in New Jersey. According to officials, Arkady Shenker wore a specialized parachute during the jump. Shenker was known to be an experienced skydiver who had more than 300 jumps under his belt.
    A 49-year-old sky diver from Brooklyn died after crashing into the backyard of a home in New Jersey. According to officials, Arkady Shenker wore a specialized parachute during the jump. Shenker was known to be an experienced skydiver who had more than 300 jumps under his belt.
  • Easter Bunny train sparks New Jersey brush fires

    Easter Bunny train sparks New Jersey brush fires

    Fire officials say several small brush fires were ignited by a train carrying the Easter Bunny in northwestern New Jersey.
    A train carrying the Easter Bunny in northwestern New Jersey has ignited several small brush fires.
  • Cops: 73-year-old man shoots neighbor in dispute

    Cops: 73-year-old man shoots neighbor in dispute

    Monday, April 21 2014 7:37 AM EDT2014-04-21 11:37:28 GMT
    A 73-year-old Connecticut man will be appearing before a state judge after being charged with shooting his neighbor three times during an argument on Easter morning.
    A 73-year-old Connecticut man will be appearing before a state judge after being charged with shooting his neighbor three times during an argument on Easter morning.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices