The proposed bill establishes a three-year pilot project known as the "monetary stipend project," aimed at providing monthly assistance payments to eligible adults who are former foster or delinquent children. The project seeks to demonstrate that financial support for basic cost-of-living expenses can enhance educational, employment, and health care outcomes for these individuals. Eligibility is limited to New Mexico residents under the age of 26 who meet specific criteria, such as being enrolled in post-secondary education or participating in workforce development programs. The higher education department will administer the project and determine the individualized stipend amounts, which cannot exceed $2,000 per month.

Additionally, the bill outlines the responsibilities of the higher education department, including the creation of rules for application processes and participant evaluation. It mandates regular reporting to the legislative health and human services committee, with a final report due by October 1, 2031, detailing participant outcomes and program impact. The bill also includes an appropriation of $3 million from the general fund for the project's implementation over fiscal years 2026 through 2028, with any unspent funds reverting to the general fund at the end of the project.