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>>

  • Friday Night Live: August 22, 2014

    Friday Night Live: August 22, 2014

    Friday, August 22 2014 10:34 PM EDT2014-08-23 02:34:20 GMT
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this episode: Ace Frehley, Big Sean, Week End Trends, and Chef Luca Manfé of MasterChef.
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this episode: Ace Frehley, Big Sean, Week End Trends, and Chef Luca Manfé of MasterChef.
  • Berg'n: new beer and food hall in Brooklyn

    Berg'n: new beer and food hall in Brooklyn

    Friday, August 22 2014 10:00 PM EDT2014-08-23 02:00:35 GMT
    The guys behind the Brooklyn Flea and Smorgasburg are at it again with a new food and booze venue called Berg'n, a new beer hall in Crown Heights. The place doesn't officially open until August 27, 2014, but owners Eric Demby and Jonathan Butler are giving it a test run for special guests, family, and the press.
    The guys behind the Brooklyn Flea and Smorgasburg are at it again with a new food and booze venue called Berg'n, a new beer hall in Crown Heights. The place doesn't officially open until August 27, 2014, but owners Eric Demby and Jonathan Butler are giving it a test run for special guests, family, and the press.
  • Giving your college-bound kids their space

    Giving your college-bound kids their space

    Friday, August 22 2014 9:31 PM EDT2014-08-23 01:31:50 GMT
    Going off to college is an exciting time for the entire family, especially for the upcoming freshman. But with technology, parents can be in touch all the time. What's too much and what's just enough? Freshman move-in day seems to be harder on the parents than the students at Stony Brook University.
    Going off to college is an exciting time for the entire family, especially for the upcoming freshman. But with technology, parents can be in touch all the time. What's too much and what's just enough? Freshman move-in day seems to be harder on the parents than the students at Stony Brook University.
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 | New Terms of Service What's new | Ad Choices