This week the Federal Reserve Bank of San Francisco published a 139-page issue of Community Development Investment Review devoted entirely to social impact bonds. I am one of five co-authors and members of the Harvard Kennedy School Social Impact Bond Technical Assistance Lab on an article describing lessons learned from implementation of social impact bonds in the United States. The Review is here and the article is here.
The full table of contents of the Review:
Foreword
Ian Galloway, Federal Reserve Bank of San Francisco
Background and Context
The Real Revolution of Pay for Success: Ending 40 Years of Stagnant Results for Communities
George Overholser and Caroline Whistler, Third Sector Capital Partners
Pay for Success is Not a Panacea
Daniel Stid, The Bridgespan Group
The Promise of Pay for Success
Jonathan Greenblatt, White House Office of Social Innovation and Civic Participation and Annie Donovan, White House Council on Environmental Quality
Social Impact Bonds: Lessons Learned So Far
Hanna Azemati, Michael Belinsky, Ryan Gillette, Jeffrey Liebman, Alina Sellman, and Angela Wyse, John F. Kennedy School of Government, Harvard University
Pay for Success: Understanding the Risk Trade-offs
Kristin Giantris and Bill Pinakiewicz, Nonprofit Finance Fund
The Ethics of Pay for Success
Jodi Halpern and Douglas Jutte, University of California, Berkeley
Learning from the Low Income Housing Tax Credit: Building a New Social Investment Model
Barry Zigas, Consumer Federation of America
Using Social Impact Bonds to Spur Innovation, Knowledge Building, and Accountability
David Butler, Dan Bloom, and Timothy Rudd, MDRC
Roles and Responsibilities
Social Impact Bonds: Using Impact Investment to Expand Effective Social Programs
Luther Ragin, Jr., Global Impact Investing Network and Tracy Palandjian, Social Finance Inc.
Community Reinvestment Act (CRA) Banks as Pioneer Investors in Pay for Success Financing
Steven Godeke, Godeke Consulting
Innovation Needs Foundation Support: The Case of Social Impact Bonds
Kippy Joseph, Rockefeller Foundation
Pay for Success: Opportunities and Risks for Nonprofits
Laura Callanan and Jonathan Law, McKinsey & Co.
Success Begins with a Feasibility Study
Robert H. Dugger, ReadyNation
Government’s Role in Pay for Success
Kristina Costa, Center for American Progress and Sonal Shah, Case Foundation
Applications and Models
Rikers Island: The First Social Impact Bond in the United States
John Olson and Andrea Phillips, Goldman Sachs
Human Capital Performance Bonds
Steve Rothschild, Invest in Outcomes
Pay for Success: Building On 25 Years of Experience with the Low Income Housing Tax Credit
Terri Ludwig, Enterprise Community Partners, Inc.
Can Pay for Success Reduce Asthma Emergencies and Reset a Broken Health Care System?
Rick Brush, Collective Health
Supporting At-Risk Youth: A Provider’s Perspective on Pay for Success
Lili Elkins, Roca Inc.
Tax Increment Finance: A Success-Driven Tool for Catalyzing Economic Development and Social Transformation
Toby Rittner, Council of Development Finance Agencies
Bringing Success to Scale: Pay for Success and Housing Homeless Individuals in Massachusetts
Joe Finn, Massachusetts Housing and Shelter Alliance and Jeff Hayward, United Way of Massachusetts Bay and Merrimack Valley
Making Pay for Success Work for Kids and Families
Patrick Lawler and Jessica Foster, Youth Villages
Michael Belinsky 