CANARSIE, Brooklyn (PIX11) – Over 1,000 children of Canarsie and East Flatbush are receiving $1,000 in college funds through the Save for College Program.

The money was donated Tuesday by the City of New York, NYC Kids RISE, Bloomberg Philanthropies, the Brooklyn Community Foundation, the Gray Foundation, the NYC Department of Education, the NYC Mayor’s Office of Equity and families and community.

Nicole Perry with NYC Kids RISE said the money would help kids’ future.

“That money is contributing to a financial investment for their educational futures and for their future college and career training,” said Perry. “The NYC Kids RISE Save for College Program is a community-driven wealth-building platform for New York City neighborhoods. The program expands access to mainstream financial products; builds individual, family, and collective financial assets; provides financial education for families and students; and brings schools and communities together to support all our children’s futures.”

In the geography of School District 18, 86 percent of students attending the school in Canarsie, and East Flatbush are pedimental Black. The largest proportion of any geographic school district in New York City. Nationally, Black families own less than 10 percent of the wealth of white families. Dr. Jocelynne Rainey of the Brooklyn Community Foundation said the funds are meant to help close the wealth gap.

“We think that closing the wealth gap for Black and Brown Americans is a huge way towards equity in our country,” said Rainey.

Every 1st grader attending School District 18 with a scholarship account will receive the funds. In addition, parents can also receive more money in their kids’ accounts by participating in the program.