Denver launches basic income project to help homeless

More than 800 people experiencing homelessness in Denver will receive a basic income beginning this fall.

Tesla investor and local philanthropist Mark Donovan created the Denver Basic Income Fund in April 2021 and seeded it by raising more than $4.8 million. “And there’s a clear path to $7 million,” he said.

According to its website, the fund and the project are part of Impact Charitable, a tax-exempt non-profit that “specializes in deploying capital for the greater good.”

A $1,000 monthly stipend

Recipients will receive money in one of two ways. Some will get $6,500 upfront plus $500 per month for a year, while others will receive $1,000 per month. As part of a planned research project, a third control group will get $50 monthly.

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