A major US city is now handing out cash to selected participants of a guaranteed income pilot weeks after the program was approved.
The city of Albuquerque, New Mexico has started giving 80 households a guaranteed income of $750 per month for 36 months to use as they wish, reports KRQE News.
The goal of the guaranteed income pilot program is to provide economic stability to struggling families in the low-income bracket.
The pilot program is estimated to cost approximately $2.16 million, excluding administrative costs, is being funded from the Cannabis Equity Reinvestment Solution. The Cannabis Equity Reinvestment Solution is an initiative that was approved by the Albuquerque City Council and is supported by tax revenues from the cannabis industry.
Eligible families will mostly be selected from the low-income demographic in two of the most underprivileged neighborhoods in Albuquerque – International District and Westside.
“These two districts were chosen because they house the two elementary schools with some of the lowest academic outcomes and highest rates of chronic absenteeism.”
Priority will be given to households that have been “negatively impacted by the criminalization of cannabis,” according to the City of Albuquerque’s Office of Equity and Inclusion.
Earlier this year, after the guaranteed income pilot program was approved by the city council, the mayor of Albuquerque, Tim Keller, said the money would be used to “help families get the tools they need to succeed with dignity.”
Besides the monthly cash payments, the selected participants of the guaranteed income initiative will receive financial advice from Albuquerque’s Office of Financial Empowerment.
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