The applications for a one-year, monthly guaranteed basic income in Rochester, New York, worth $500, close in just under a week.

The city of Rochester is launching a pilot guaranteed basic income program for households with an income at or below 185% of the federal poverty level. Applications for the program opened on Thursday, June 22, and close one week later on Thursday, June 29.

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The new program will select 351 individuals to receive the benefit. The extra income is "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."

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

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

The participants will be selected at random, according to the program, in order to be fair. No start date for the program has been released, but applicants will be chosen at two different points. The first wave will be chosen in July, and the second round will be selected in September.

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The city is using funds 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 residents can view the application here.