Fostering the Future Accounts are a spinoff of Trump Accounts investment funds meant to give $1,000 to every newborn whose parent opens an account.
Many success stories in California's foster care system are thanks to non-profit agencies that find good homes for kids. But those agencies are facing a crisis that could force them to shut down.
Organizers said the goal over the next two years is to turn an adjacent property into another 16-unit complex to serve even more foster youth.
The Board of Supervisors voted to expand its "Breathe" guaranteed-income program to provide financial stipends to more than 2,000 non-minor dependents in the foster care system.
Three Los Angeles City Council members introduced a motion to expand a guaranteed basic income program geared toward victims of domestic abuse and foster youth.
Los Angeles-based KFAM is the nation's first foster agency focused on Asian Pacific Islander children and families.