A new guaranteed income program in Massachusetts that will give select participants monthly payments of $500 will begin accepting applications in just under three weeks.

The applications for the program, titled Rise Up Cambridge, will open on June 1 and close on July 31, and applications will be approved on a rolling basis.

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The payments are intended to help households with at least one child, and they are being funded by a $22 million commitment from Cambridge, Massachusetts. Recipients selected for the program will be given monthly installments for 18 months, and they will receive a total of $9,000.

To qualify for the program, an applicant must be a resident of Cambridge, be at least 18 years old, and have at least one person in their household under the age of 21. Additionally, the household must have an income at or below 250% of the federal poverty level.

The income required for a household to be eligible varies depending on how many people live in the household. Households of two people will be eligible if they make no more than $49,300 a year, and households of three will be eligible if their annual income does not go over $62,150. The income limit increases slightly with every additional household member.

In addition to receiving the monthly payments, recipients can make additional money by participating in voluntary surveys or by documenting their experiences in the program. These surveys will be optional, but those who partake in them are expected to be compensated for the time spent on the surveys and documents.

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The money recipients get from the monthly installments will not need to be reported as taxable income.

Additional information regarding this program can be found on the Rise Up Cambridge website.