SANTA CLARA COUNTY, Calif.–Excite Credit Union here is participating in a pilot program that provides Universal Basic Income to young people transitioning out of the county’s foster care system.
Under the program – approved by the County of Santa Clara Board of Supervisors last month – transitioning young adults who age out of the foster care system when they turn 24 will receive $1,000 a month for one year, the county said in a statement. The approved $900,000 in funding will be enough to assist 72 former foster youth and perform an in-depth evaluation of the pilot program. The program is being supported by Excite Credit Union and MyPath.
Excite Credit Union has agreed to provide in-kind support to the pilot program by offering financial mentorship in coordination with MyPath to all 72 young adults who chose to utilize their services. MyPath is providing training to six financial coaches from Excite Credit Union around effective financial coaching and mentoring with young adults and will provide ongoing support for the program, according to the County.
Excite CU is an advocate for foster youth, said Aleta Smith, community relations specialist. The county said in its statement Smith has a personal commitment to working with these young adults as a former foster youth herself.
‘Desperately in Need’
“Youth transitioning out of the Santa Clara County foster care system are desperately in need of ongoing support,” said Supervisor Dave Cortese. “Providing basic income for these young adults will better support their transition and empower them to find success, well-being and independence.”
According to the county, Cortese championed the plan after speaking with Gisèle Huff, president of the nonprofit organization the Gerald Huff Fund for Humanity. The group is dedicated to the concept of Universal Basic Income as an investment in society. The conversation between Cortese and Huff focused on UBI targeted specifically toward transitioning foster youth.