CHICAGO — The City of Chicago is now taking applications for its new guaranteed income program.

The Chicago Resilient Communities Pilot program will begin accepting applications Monday.

It will be one of the largest monthly cash assistance programs in the nation and will support 5,000 low-income households with $500 a month for 12 months to provide additional economic stability, according to a press release from Mayor Lori Lightfoot’s office.

The program will cost the city about $31 million. Eligibility includes pandemic hardship and making less than 250% of the federal poverty line, which is $57,575 for a family of three. Applicants must also be Chicago residents, be 18 years or older and have experienced economic hardship related to COVID-19.

“The Chicago Resilient Communities pilot is a way for us to efficiently support the communities and households that were hardest hit by the pandemic with dignity as well as build on our work to eradicate poverty,” Mayor Lori Lightfoot said in a statement.

Applications close on May 13.

For more information and to apply, go to: www.chicago.gov