City leaders recently announced Minneapolis’ Guaranteed Basic Income pilot program as part of the continued commitment to invest American Rescue Plan Act funding in efforts directly serving families most affected by the pandemic (examples include, job loss or reduced hours, higher healthcare payments, and/or loss of access to childcare, technology or transportation.
The program will provide 200 participating families with an income boost of $500 per month for 24 months to support household financial growth and stability. Applications for the pilot program are now open on the City of Minneapolis website with payments starting to families in early 2022.
City staff is working with the Federal Reserve Bank of Minneapolis on a rigorous evaluation of the program, which City leaders will use to add to the body of national research on the impacts of guaranteed basic income programs and inform future City initiatives.
Minneapolis’ Guaranteed Basic Income pilot program is funded with $3 million in American Rescue Plan Act funding. This funding was part of Mayor Frey’s first round of ARPA funding that was proposed in June to prioritize the most urgent needs in Minneapolis with a strong emphasis on economic recovery.
To qualify, families must live in one of the following zip codes: 55403, 55404, 55405, 55407, 55411, 55412, 55413, 55430 or 55454. The annual income for qualifying families bust me at, or below, 50% of the Area Median Income (AMI) for Minneapolis. Click here for the City of Minneapolis AMI by household size.
Enrolled families receive $500 from the City each month to help boost income, receive the payment every month for two years, and can use the extra money in a way that makes sense for the family.
The program hopes to provide families with the flexibility to balance immediate needs with long-term investments (tuition, college savings, vehicle repairs) and become financially secure.
For more information and to enroll in the program, click here. Application deadline is December 31, 2021.