Department of Social Services says it will save the city money on

The city of New York is willing to pay friends and families of homeless people thousands of dollars to let them stay in their homes over the holiday season.

The city rolled out its 'Home for the Holidays' program this week, which will be offered to 5,000 families who have been living in homeless shelters for at least 90 days.

Every family chosen for the program will be placed with friends or relatives, and given a $500 voucher to 'help them get settled'.

The city of New York is willing to pay friends and families of homeless people thousands of dollars to let them stay in their homes over the holiday season. Pictured is a homeless man sleeping on a bench in Brooklyn

The hosts will also be give a $500 gift card, as well as either $1,200, $1,500 or $1,800 each month in support.

The payments can be made for up to a year for every month they are helping out the homeless family.

Department of Social Services Commissioner Steven Banks said the program will actually help the city save money, while also offering more ways for the less fortunate to get a leg up.

'This new City effort will reconnect homeless families with families and friends, assisting them to permanent housing and saving taxpayer dollars directed toward addressing homelessness in New York City,' Banks said in a statement provided to DailyMail.com.

It currently costs the city about $40,000 per year to house a family in a homeless shelter.

That figure is almost double what they city will give to a host family that qualifies for the maximum compensation under 'Home for the Holidays'.

Department of Social Services Commissioner Steven Banks (middle) announced the 'Home for the Holidays' program, which offers people thousands of dollars to help their less fortunate friends and family members

The program is designed to get homeless families out of shelters and to instead house them with loved ones. Pictured is a searching a garbage can for food in New York City

HOMELESSNESS STATISTICS IN NEW YORK CITY Homelessness at the highest levels since the Great Depression In October 2016, 62,306 homeless people, including 15,769 families with 24,121 children, were sleeping each night in shelters More than 127,652 spent a night in shelter during 2016 fiscal year Number of homeless New Yorkers sleeping each night in shelters is 83 per cent higher than in 2006 (Source: Coalition for the Homeless) Advertisement

Homelessness in New York City has reached its highest point since the 1930s in recent years, with 62,306 people - including 15,769 families and 24,121 - out on the streets in October.

Between October 2015 and September 30, 2016, more than 127,652 people spent at least one night in a homeless shelter across the city.

The number of people who spend every night in a homeless shelter has shockingly skyrocketed 83 per cent higher than it was in 2006.