D.C. Council member Kenyan McDuffie (I-At Large) announced on April 28 the 2024 fiscal year budget report for the Committee on Business and Economic Development, of which he serves as the chairman.
Proposals such as restoring $54 million in funding for the Child Wealth Building Act, known as Baby Bonds, were made a priority because D.C. Mayor Muriel Bowser defunded the program in her proposed budget.
“The committee’s budget recommendations reflect how important it is for our city to be focused on community safety, economic security, and giving our residents and visitors a world-class experience,” said McDuffie. “The restoration of funding to the Child Wealth Building Act was a priority of mine to ensure that our government fulfills our promise to create opportunities for our children to pay for higher education, start a business, buy a house and create wealth. I am also proud to advance investment in the District’s Downtown corridor to spur the development of mixed-income housing, requiring more affordable housing and jobs for District of Columbia residents.”
In addition to funding the Child Wealth Building Act, the committee supported $1 million for the Strong Families, Strong Futures program, $268,000 to the DC State Athletic Association and DC Combat Sports Commission to provide vital programming to our young people, increased funding to $6 million for the Commercial Property Acquisition Fund and $55 million over the next five years to fuel housing production in downtown Washington.