NYC Mayor donates 30 Million of his own money to help black & latino youth

New York City Mayor Michael Bloomberg is contributing millions of his own dollars to support an initiative aimed at helping the city's African-American and Latino men share in the "promise of American freedom" by allow them better access to jobs, health, and education resources.

The program, called the Young Men's Initiative, is a three-year program that will cost NYC about $127 million. Bloomberg's own philanthropic foundation will contribute $30 million, while fellow billionaire George Soros will match the mayor's contribution. The remaining $67.5 million will be covered by the city.

The initiative, aimed at about 315,000 males between 16 and 24 years old, is the nation's "boldest and most comprehensive effort to tackle the broad disparities slowing the advancement of black and Latino young men," Bloomberg said in a statement Thursday.

Read More Michael Bloomberg Pours $30 Million of Own Money Toward Minority Youth