California opens HOPE trust account applications for foster and COVID-bereaved youth

By AI, Created 4:45 PM UTC, May 21, 2026, /AGP/ – California has opened applications for the HOPE Program, which will give eligible foster youth and children who lost a parent or caregiver to COVID access to $3,000 trust accounts. State officials say the program could reach about 56,000 children, with first payments expected later this summer.

Why it matters: - The HOPE Program is designed to give vulnerable California youth a financial start that can support education, stability and long-term asset building. - The program targets children at higher risk of lifelong poverty, including foster youth and COVID-bereaved children. - California says HOPE is the first program in the nation to distribute unrestricted funds to both foster youth and COVID-bereaved children.

What happened: - California State Treasurer Fiona Ma announced that HOPE applications are now open. - Eligible children can apply starting today through the HOPE application portal. - The program covers children who spent 18 or more months in foster care, whose family reunification services were terminated, or who lost a parent or primary caregiver due to COVID. - The state says about 56,000 children are expected to benefit.

The details: - Each eligible child will receive $3,000 in invested, flexible seed funding. - The money will be accessible at age 18. - Assembly Bill 156 established the program in 2022. - The initiative is intended to address intergenerational poverty and support financial education for vulnerable youth. - Acting Director Cassandra DiBenedetto will oversee the program’s $100 million investment, initial enrollment and partnerships with local government and community-based organizations. - The HOPE board has nine members with expertise in poverty alleviation, racial wealth equity, investment, financial empowerment and lived experience with childhood poverty. - Officials said the program is built for future expansion so children born into poverty in California may eventually participate. - The first fund allocations are slated for distribution later this summer as participation grows. - Questions can be sent to HopeForChildren@treasurer.ca.gov.

Between the lines: - HOPE pairs direct cash-like support with long-term financial planning, signaling a strategy that goes beyond emergency aid. - The state is framing the program as both an anti-poverty tool and a racial wealth equity initiative. - The emphasis on advisory expertise and lived experience suggests California wants the rollout to be seen as both financially disciplined and community-informed. - Treasurer Ma said early financial support can help counter the long-term impacts of poverty and instability and create a foundation for financial security.

What’s next: - California will begin scaling participation and moving toward the first distributions later this summer. - HOPE leaders will continue building local government and community-based partnerships. - The state plans to expand the model over time if future funding and implementation allow.

The bottom line: - California is turning a new state trust-account program into an active application process, with the goal of giving thousands of high-need children a financial foothold at adulthood.