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Mayor Eric Garcetti announced a $1.7 million infusion of cash this month, into the city's annual summer jobs program that he said will provide more than 5,000 jobs to Los Angeles youth. The Hire L.A. Youth Summer Employment Program received $1 million in tax money collected in Council District 13, the area Garcetti previously represented as a councilman. Just before he became mayor, he transferred the money from the district's discretionary funds that were left over after the city's redevelopment agency was dissolved.
Two banks, JPMorgan Chase and Goldman Sachs, donated the rest of the money. The summer jobs pay $8 an hour, last 120 hours over six weeks and are available to city residents aged 14 to 21. Eligible youth must also be receiving public assistance, be a foster child or homeless or have families considered low-income.
Garcetti, speaking at the Dunbar Hotel in South Los Angeles, said youth who earn job experience will have an edge with future employers. He also called on more private groups to donate to the summer jobs program and thanked the two banks that have already donated.
``It's tremendous to see Wall Street understand the importance of Main Street,'' Garcetti said.
``None of us can do this on our own. Working together, we can prepare our young people for the future while strengthening L.A.'s workforce and economy.''