The city launched a subsidy program Monday to help middle class families pay for child care.
“Early childhood education is one of the most important investments a parent can make,” City Council Speaker Christine Quinn said in a statement. “But too often, quality child care is out of reach for middle class families.”
The Middle Class Child Care Loan initiative is the first of its kind, officials said. The city already offers subsidized child care for families under 275 percent of the federal poverty level, but this is the first to help middle class New Yorkers.
The pilot program offers 6 percent loans up to $11,000 for parents with children between 2 and 4 years old. Applicants must make between $80,000 and $200,000 annually, have a credit score of at least 620 and attend a financial counseling session.
In the first year, the program will help 40 families.
The City Council allocated $300,000 to Neighborhood Trust Financial Partners to cover costs from the pilot phase.
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