The program will create 530A investment accounts funded through public and private contributions. Eligible children would receive starter deposits that could increase over time. Those born between 2025 and 2028 could receive $1,000, while children born between 2016 and 2024 could receive $250.
City leaders are also working to raise $9 million to offer an additional $250 match for eligible families, potentially boosting the total amount available to each child.
Mayor Leonardo Williams said the city still faces hurdles in ensuring every child can participate, including technology access and identity verification requirements needed to open accounts.
"It could be a little intimidating, which is why we're going to have sign up stations all over," Williams said.
Durham Public Schools leaders say the effort could help students build long-term financial stability.
"It will mean for our students long term security," said Mshinda Middleton-Brown, principal of Murray-Massenburg Elementary School. "When they come out of high school, they know that they will have some kind of financial cushion ... they won't have to resort to loans and being in debt before they reach the age of 21. I think it's just a phenomenal opportunity."
City officials plan to formally announce the Invest America Durham program on Friday. Their goal is to enroll all eligible children by July.
"They'll be able to use it for whatever, such as buying a home, paying for school," Williams said. "No child should have to struggle on basic needs. And when they turn 18, they'll be able to make choices."