Is DC Experimenting with Basic Income?
✉️ Want to forward this article? Click here.
This summer, the city of Chicago announced a pilot program to provide 1,000 families with a $500 basic monthly income, an initiative Business Insider cites as the largest such experiment in the country. Now, DC may top that.
As first reported by the Urban Institute, DC is embarking upon a pilot program ("DC Flex") to offer a randomly-selected group of families, earning up to 30 percent of area median income (AMI), an annual stipend of $7,200.
story continues below
loading...story continues above
In order to qualify, the selected households must have a currently valid lease and have previously received homeless support services. Each family can only spend up to the value of their rent in a given month and can only withdraw up to $500 of unused funds at the end of each year; they can keep all unused funds once the pilot is complete. Otherwise, there are no stipulations on how the money must be spent.
The overall purpose of the stipend is to be a safety net to prevent homelessness and boost financial security. Recipients will also be required to attend at least two meetings with a personal finance coach. The pilot program will expire in four years, although it could be extended.
The program is being administered via a collaboration between the Department of Human Services, the Inter-agency Council on Homelessness, and the Department of Housing and Community Development and will be analyzed by the Urban Institute and The Lab @ DC.
See other articles related to: basic income, housing subsidy, income, low-income, subsidized housing
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/is-dc-experimenting-with-basic-income/14549.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro