By Rodd Cayton
A new guaranteed basic income (GBI) program in Albuquerque is distributing its first monthly payments.
City leaders say the $750 payments will provide financial relief to struggling residents and underscore Albuquerque’s commitment to economic equity and financial empowerment. The first payments went out last week.
The money is unrestricted, and participants were selected from families of students in selected high-needs public schools — those with some of the lowest academic outcomes and highest rates of chronic absenteeism — on the Westside and in the International District.
“We’re putting dollars directly into the hands of our residents,” Mayor Tim Keller said. “And more importantly, we’re putting trust in their ability to make the best decisions for their families. This program is about building a city where everyone, regardless of their starting point, has the opportunity to thrive.”
Rada Moss, financial empowerment manager for the city’s Office of Equity and Inclusion, said the guaranteed income will position recipients to pursue new educational or career goals, care for loved ones or simply experience less financial uncertainty each month.
The first cohort will consist of 80 households will receive the income support for three years. The $4.02 million program cost will be partially financed with $2 million in adult-use cannabis tax revenue.
City officials say the program aims to support communities disproportionately impacted by cannabis criminalization. It was designed by community members, local organizations and city departments.
As the GBI program progresses, according to the release, participants will gain access to training and other resources to help strengthen financial decision-making, through the city Office of Financial Empowerment.
The release states the program is modeled after a successful similar effort launched in Santa Fe in 2022.
More information on the guaranteed basic income and the Office of Financial Empowerment is available here.