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Concord Partners With Nonprofit for Guaranteed Income Program to Help 120 Families

The nonprofit Monument Impact on Thursday kicked off the city of Concord’s first guaranteed income program called ELEVATE Concord, in partnership with and funded by the city.

Monument Impact, which is based on Concord, selected 120 families living on modest incomes to participate, many of whom are renters of color.

Each family will receive $500 each month in direct, unrestricted cash assistance for one year to help cover necessities like rent, food, utilities and whatever is important to sustain their families and build financial security.

The families received their first payment this month. Monument Impact said in a statement that it’s in “a unique position to administer the program due to our long-held trust in the community.”

“Independent, peer-reviewed academic research demonstrates that families who receive cash support via guaranteed income use it on food, utilities, transportation and other essential needs,” Monument Impact said in the statement. “These families also benefit from improved financial, physical and emotional health, with the ability to build up savings, along with a decrease in anxiety and depression.”

Concord joins a number of other Northern California municipalities offering guaranteed income programs, including Marin County, San Francisco and Stockton.

To evaluate project outcomes, Monument Impact is partnering with Dr. Rosa Maria Sternberg, an assistant adjunct professor at University of California, San Francisco.

Monument Impact said, “Now is the time for private donors and policymakers to act. Monument Impact received more applications than we had funding for, signaling the need for investment from private philanthropy and policymakers. ELEVATE Concord aims to inspire more investment in other programs that center racial and economic equity.”

Source : CBS News