The New York City Council has announced a program called the Middle Class Child Care Loan Initiative, which will offer subsidized loans to families to help pay for day care.
The pilot program will offer 6 percent loans of up to $11,000 to parents with children between the ages of 2 and 4.
"Early childhood education is one of the most important investments a parent can make," Speaker Christine Quinn said. "But too often, quality child care is out of reach for middle class families. The Middle Class Child Care Loan Initiative is a smart program that will help parents pay for child care and give New York City's next generation a jump start on their education."
New York City has one of the highest child care costs in the entire country, according to the City Council.
To qualify for the loan program, applicants must have an annual income between $80,000 and $200,000, a credit score of at least 620, and attend a free financial counseling session with a Neighborhood Trust counselor.
The program will provide financial assistance to 40 families in its first year.
The council, child care providers, advocates, and the New York City Child Care Resource and Referral Consortium will reach out to prospective participants about the program, the City Council said in a news release.