The applications for a new guaranteed basic income program in Rochester, New York, where recipients will receive $500 a month, close in just three days.

The city of Rochester is launching a pilot guaranteed basic income program that will last for one year for households whose incomes are at or below 185% of the federal poverty level. Applications for the program opened on Thursday, June 22, and will close just before midnight on Thursday, June 29.

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The new program will select a total of 351 people to receive the benefit. No start date for the program has been released, but participants will be chosen at two different points. The first wave of 175 participants will be chosen in July, and a second round will be selected in September. The recipients will be selected at random, according to the program.

For single-person households, the income cap is $26,973. For two-person households, the maximum income is $36,482. The highest income is $93,536 for households with eight residents.

Only one member of the household can receive the monthly installments, and they must be at least 18 years of age. They must also reside in certain areas of Rochester and must have been a resident of Rochester for at least one year before applying.

The extra income is considered "unconditional," according to the program's website, meaning there are "no strings attached: no work requirements, and no restrictions on how the money can be used."

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The city is using funds it received from the American Rescue Plan Act to pay for the program, which is expected to cost $2.2 million. The city said its hope for the program is to help "determine the impacts of a guaranteed income and influence future policy decisions around broader poverty reduction programs."

More information on the city's GBI program can be found on the program's website. Interested applicants can view the application here.