$3,600,000 To Be Handed Out With No Strings Attached in Large American City’s Basic Income Pilot

$3,600,000 To Be Handed Out With No Strings Attached in Large American City’s Basic Income Pilot

Spread the love

A California city with 76,000 residents is preparing to hand $3.6 million out to people with no strings attached in a new basic income pilot.

The signup process is now underway in Alameda, where 150 people will receive $1,000 per month for two years.

The program, called Rise Up Alameda, is designed to test whether routine cash handouts are an effective way to reduce economic instability and fight poverty.

“The money has no strings attached which means you can spend it on anything you want – groceries, school, car payments, gas money, and any other personal expenses.”

The Alameda City Council used a total of $4.6 million from the American Rescue Plan Act to fund the program, and adults with an annual household income at or below 50% of the Area Median Income (AMI) are eligible to apply.

Source: Rise Up Alameda

The signup process is set to end on Monday, September 18th at 9:00am.

When the application period is closed, Rise Up Alameda says everyone who meets the criteria will be placed into a randomized lottery to select the final participants.

The pilot program is one of dozens across the US that are set to hand out at least $220 million, according to a recent report.

Initial results from a $1.8 million basic income trial in Denver found such programs could offer a safety net for people facing financial hardships.

Those participants, who are receiving $600 to $12,000 per year, said they now have lower levels of financial stress while largely using the funds to cover basic needs.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related News