Baltimore Young Families Success Fund
The Baltimore Young Families Success Fund (BYFSF) is a guaranteed income pilot project that will provide 200 young parents, between 18-24 years old, with an unconditional cash payment of $1,000 per month over the course of 24 months. Guaranteed income is an unconditional monthly cash payment given directly to selected individuals and is meant to supplement, rather than replace, the existing social safety net. Guaranteed income provides a steady, predictable income to recipients to decide how to spend direct payments based on their personal needs.
Research shows that Guaranteed Income projects result in lower poverty and debt; higher earnings and savings; a stronger local economy; and improved mental health. Baltimore Young Families Success Fund will address income inequality and will combat the economic fallout from COVID-19 by providing payments to parents who have been hit hardest by the crisis with schools and daycare closing, experiences of unemployment, and housing or food insecurity. Furthermore, Baltimore Young Families Success Fund will increase economic mobility, improve access to resources for children and families and provide financial and emotional stability necessary for pursuing opportunities and planning for the future. With a guaranteed income, families can stabilize their households and gain the personal power needed to benefit their families and our communities.
Applications for the Baltimore Young Families Success Fund will open at 6:00 a.m. on May 2 and close on May 9, 2022 at 11:59 p.m.
Did you know: Research from the Manitoba Basic Annual Income Experiment found a significant negative relationship between income and both violent crime and total crime. Read Full Report
Did you know: An unconditional cash transfer program in Kenya found that when people in a relationship–especially women–received extra money, rates of physical and sexual violence declined. Read Full Report
|
