You are facing high inflation, which leveled off at 8.2%. This economic phenomenon has made everything more expensive. Jobs are also laying off thousands of workers. Employers are finding your replacements via remote work in cheaper countries. It is a challenge to afford your usual basics. But state officials have a new program to help you with your financial predicament.
It is a universal guaranteed basic income program. These initiatives gained popularity in the last few years. Studies said they had a positive effect on the finances of beneficiaries. Universal basic income (UBI) programs give recurring payments to individuals. The person gets the cash every month for at least a year. The money usually comes from government and private sector donations. (source)
Here are the details for such a program in New York.
About 175 residents of Rochester will receive $500 monthly payments for one year. New York has set aside $2.2 million from its federal emergency fund for the program. (source). Rochester joins Ithaca, Hudson, Mount Vernon, and Ulster County, Empire State municipalities. These areas either have launched or are working toward a basic income program. (source)
The program's application will open soon, as many expect it to give out the money next year. The city's community forum says people can contact us at firstname.lastname@example.org. You can request further details from there until the application opens. (source)
The city gave a statement about the program:
The program plans to provide "marginalized communities with critical resources and help to close the community’s wealth gap while boosting our residents’ ability to become homeowners."
To be eligible, you must:
- Live in households with incomes at or below 200 percent of the federal poverty level
- Be 18 years or older
- A current resident of the city of Rochester with at least one year of established residency
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.