From FoxBusiness.com….
The California city of Oakland has unveiled the framework for its pilot program offering a guaranteed income to 600 residents, one of the largest of its kind in the nation.
Mayor Libby Schaaf said during a press conference Tuesday that residents will receive $500 a month for 18 months with no strings attached. The goal of the Oakland Resilient Families program is to narrow the city’s racial income gap, where the median African-American income is less than $50,000 a year and the median white income is more than $100,000.
Eligible individuals must be low-income and identify as Black, indigenous or people of color. In order to qualify for the checks, applicants must be earning at or below 50% of the area median income, which is about $59,000 per year for a family of three, according to FOX 2. However, half of the spots in the program are reserved for very low income families earning below 138% of the federal poverty level, about $30,000 per year for a family of three.
