While it looks really interesting, I'm gonna have to agree with Footer and Les. Actually, I just finished 3 months of living in New York, and my 9-5, 40-hour-a-week job didn't pay all that much more than this stipend once taxes were taken out. I was living in Manhattan, but I was subletting a friend's apartment for far below what a reasonable price would be. Even with that, I got very lucky in that my day job was extremely regular, and I was able to receive and accept many other calls in the evenings and on weekends - but for a job like this, it doesn't sound like you'd have that flexible of a schedule. Were it not for those many extra side jobs, I would have had a very difficult time getting through it. You're in New York - you're gonna want to go out to eat or see a show every so often, but even the cheap student rush tickets and lottery tickets really add up fast.
It's not necessarily a bad idea - I think that if your single largest goal in
theatre was to become a top-level electrician in New York without going to college, this sounds like a great program. If you've already spent thousands of dollars on college and can still justify this cost, then go for it - but don't expect to make any money. I can't quite tell who it's primarily intended for - different sentences lead me to believe that it's aimed at a college grad, a
current college student taking a year off, or someone who has no plans to go to college at all. But if you have any doubts at all about wanting to live/work in New York, or if you're not 100% sure that you want to be an ME (which it sounds like you might not be), then I wouldn't do it.
EDIT: Hell, why not just apply for the Electrics Shop Supervisor position, so you can lord over all the lowly interns?
Anyone job-hunting? No degree required or anything!
http://www.julliard.edu/about/jobs/index.php