California has created a program providing $3,000 trust accounts for foster youth and children who lost a caregiver to COVID-19.

The pandemic hit Californians hard, killing about 98,000 people, according to the Centers for Disease Control.

And the COVID Collaborative and Social Policy Analytics released a report estimating that 167,082 children in the United States lost a caregiver to the disease.

Now, the state is working to help affected youth gain financial support, hoping to counter long-term effects of poverty and instability.

The Hope, Opportunity, Perseverance, and Empowerment Program has officially launched, designed to address intergenerational poverty, provide security and economic autonomy.

Applications for the trust will open during late spring, according to California State Treasurer Fiona Ma.

“HOPE is about lifting up our state’s most vulnerable children and providing them with a foundation for stability, opportunity and long-term financial security,” said Ma, who serves as chair of HOPE. “This program is a vital component of our ongoing effort to ensure that all Californians have access to savings plans that can help them build a financial future.”

The state will provide accounts for youth who have 18 or more months in the foster system and no longer receive family reunification services or who lost a primary caregiver to COVID.

How to Apply

Approximately 56,000 children stand to benefit. Those who qualify can apply here.

The program was established through Assembly Bill 156 in 2022, providing $3,000 in invested, flexible seed funding per impacted child.

The fund will be accessible at age 18 to support the new adults in achieving their future goals. It aims to close racial gaps and to facilitate capacity for wealth building through financial education for vulnerable youth.