A US city is preparing to hand out a pile of cash in a new guaranteed income program for disadvantaged residents.
The New York City Council says it is allocating $1.5 million in the 2026 budget for a guaranteed income initiative known as the “Cash with Care” program, targeting residents facing housing insecurity.
[adinserter block="1"]“The goal of the guaranteed income program is to support young people along their journey out of homelessness by providing flexible, reliable income alongside wraparound services.”
Under the program, 60 young New Yorkers aged between 18 and 24 years who are living in homeless shelters and other facilities hosting the housing-insecure will be selected.
“Once enrolled in the program, they will receive a monthly cash assistance stipend of $1,200 for nine months, and a one-time payment of $5,000, accessible at any point during the first nine months of the 12-month program.”
The new guaranteed income initiative is a result of a partnership between the City Council and the youth homeless shelter, Covenant House New York.
The new initiative comes months after New York City Council unveiled a guaranteed income program for expectant women facing homelessness. Under the initiative that saw the New York City Council allocate $3 million to the guaranteed income program, 161 expectant women facing housing insecurity were selected to receive free no-strings-attached monthly income for the first 36 months of their offspring’s lives.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
