Basically, they'll be provided with a set sum of cash each month in order to help them out and try to get them a job.
It's a $2.5 million initiative called the 'Trust Youth Initiative' and it's been funded in part by the city of New York.
The scheme aims to start out with 40 homeless people - 'especially Black, Indigenous, Latinx, and LGBTQ youth' - according to the organisers.
The homeless youths will be given monthly cash for up to two years, with no limits on how they are able to spend it, as well as some bigger payments that can be used to get them into housing.
After a 'rigorous evaluation', the 'outcomes and experiences' will be compared with other groups getting a smaller allowance, as well as regular access to homeless services, such as shelters, according to New York City Hall.
In a press release, City Hall said: "The project's flexible approach aims to improve young people's stable housing and well-being by providing the means to afford the types of housing they choose and the supports to make investments in their own goals, education, and career development."
Whilst it's a pretty limited scheme at the minute, it will hopefully be opened up to 'significantly more youth' as it progresses, with $200,000 from the city provided and an extra $300,000 raised by the Mayor's Fund to Advance New York City.
Everything else is coming from a number of trusts and foundations.
The cash will 'help uplift young people and reinforces our commitment to ending youth homelessness once and for all.'
That's a lofty goal, no doubt, but a good one.
First lady Chirlene McCray said: "New York City is the place many young people from towns and cities across the country look to for hope and a home, particularly LGBTQI youth who disproportionately experience physical and mental health challenges, and higher rates of homelessness and unemployment."
The study has been devised by Chapin Hall at the University of Chicago and Point Source Youth, who said in a release that 'direct cash transfer programs are supported by a vast international evidence base'.
The release continued: "Contrary to common beliefs, studies show that cash transfers to people experiencing adversity do not result in money poorly spent, increased substance use, or reduced motivation to work,
"Evaluations have found that recipients mostly spend cash assistance on basic needs, that the financial support has helped people engage in education and productive employment, and that these programs tend to reduce risky behaviours and negative health outcomes."