A guaranteed income initiative has launched in Kentucky’s largest city that will give 150 young adults $500 monthly for a year, Louisville Mayor Greg Fischer said.

The money is meant to supplement current income for people ages 18 to 24 and be a tool to advance racial and gender equity, Fischer said in a statement announcing the program. Participants will decide how to spend the money.

The program is open to those living in three neighborhoods of the city where data shows there is concentrated poverty and large gaps in education and employment because leaders believe that’s where it will have the most impact, the statement said. Applications are being accepted through Monday.

The program will be administered by Louisville Metro Government, Metro United Way and Mayors for Guaranteed Income.
Louisville is the 20th city to offer the pilot program in partnership with Mayors for Guaranteed Income.