The City of Madison announced on Wednesday, that the Fund has distributed the first of 12 monthly payments to 155 low-income families.
The Madison’s 12 Monthly Payments
The first round of monthly distributions from Madison Forward Fund has been made announced Wednesday by the office of Mayor Satya Rhodes-Conway. The nearly $1 million-dollar pilot program will offer monthly payments to families for the next year.
During the application period, the Madison Forward Fund received 3000 applications from qualified Madison households. A total of 155 families were chosen randomly using the applicant pool to receive the monthly payments, which shows that the need in Madison far exceeds the maximum for the pilot program. Participants have their first $500-a-month deposits on Sept. 1 and Oct. 1, according to Blake Roberts Crall, who administers the initiative known as the Madison Forward Fund.
The Money Comes With No Strings Attached
The distribution will be handled by Wisconsin-based Total Income Administrative Services Corporation, a third-party benefits administrator, and participants will receive it by debit card. Families are free to use the money in anything they see fit since there are no restrictions on them because it is a flexible guaranteed income program. In Madison, many families are trying to make the potential to help, especially given the high inflation rate.
Every Mansions family is eligible to apply if they have a household income below 200% of the Federal Poverty Line, have at least one 18 years old, and permanent residents of the City of Madison. The online application can be accessed from June 21 – July 3. Families will be notified of their selection into the program in mid-July and the first payments are expected to begin in late summer.
Supporters claim that every resident deserves a minimum income to meet their most basic needs and those individuals are also the ones that are best positioned to know how to spend it. The city said that the research shows who play in such programs in other places mainly spent money on basic needs, such as food, household items, and transportation. The city expects to provide $930,000 to participants, all of which come from private donations.