The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Program was established through Assembly Bill 156 (Chapter 569, Statues of 2022) and codified in Chapter 16.1 (commencing with section 18997.5) of the Welfare and Institutions Code (HOPE Act). The program aims to close the wealth gap and confront the issue of intergenerational poverty by creating a new financial investment program specifically catered to vulnerable children throughout the state. The program is housed within the California Office of the State Treasurer.
Designed to serve some of California's most vulnerable youth, the HOPE program will help address record levels of economic inequality through an innovative statewide child trust account initiative. The HOPE program will provide eligible children across California with their own economic asset: an individual account held in trust that will grow to $4,500 by the age of 18. At that time, each child can withdraw the funds or leave them invested for up to another eight years. The youth can use these funds as they see fit to build wealth and independence.