We have been following the City of St. Paul’s People’s Prosperity Guaranteed Income Pilot Program on this blog for about a year, including recently released data that demonstrates the program’s success.
So, it comes with little surprise that St. Paul Mayor Melvin Carter has announced an expansion of this program. Whereas, the initial pilot program provided 150 St. Paul families with $150 per month of guaranteed income for a period of 18 months, the newly expanded program will provide 333 low-income families with $500 over a period of two years.
Led by the St. Paul Office of Financial Empowerment, this expansion, called the CollegeBound Boost initiative, will also include $1,000 deposits for each child’s CollegeBound St. Paul college savings account. This new expansion will not only focus on positively impacting a family through guaranteed income, but will also help families begin to build assets.
As University of Michigan Professor William Elliot says, “CollegeBound Boost is about tangible hope for Saint Paul families. Guaranteed income helps parents make it through a month. But savings for the future—through savings deposits from the city—gives families tangible hope for their kids’ future.”