Child Savings Account Grant Program

Purpose

The California Student Aid Commission (Commission) is accepting grant applications from qualifying entities, including California local government agencies and nonprofit organizations, that sponsor or collaborate on one or more comprehensive citywide or regional child savings account programs.

Description

The Commission will provide funding for a grant period beginning upon the disbursement of funds from the Commission, which is anticipated to be on or about March 8, 2021. Funds shall be available for encumbrance or expenditure until June 30, 2022. Funds that will be awarded are available based on an eligible applicant’s timely submitted and properly completed application and proposed budget. The total funds available for this grant program is ten million dollars ($10,000,000). The Budget Act of 2020 appropriates ten million dollars ($10,000,000) in one-time General Fund dollars to the CSA Grant Program. The amount of each grant award shall be at a minimum, one hundred thousand dollars ($100,000). Of the ten million dollars ($10,000,000): 1. Up to 74 percent or seven million four hundred thousand dollars ($7,400,000) of the funding shall be used to initiate new local child savings account programs. 2. A minimum of 24 percent or two million four hundred thousand dollars ($2,400,000) of the funding shall be used to expand existing local child savings account programs. 3. Two percent or two hundred thousand dollars ($200,000) shall be used by the Commission to provide outreach and administration of the program, and to provide technical assistance to applicants.