A new social impact bond was announced two days ago, just under the wire for 2013:
In this program, the Center for Employment Opportunities (CEO) will serve 2000 former inmates in Rochester and New York City with the goal of integrating them into the community. At $13.5 million spread over 5.5 years, this is the largest SIB that has been launched to date.
New York State was recently awarded an innovation grant by the U.S. Department of Labor that it will combine with its own funds to pay for this program. Payment will be made only if the program is successful in increasing employment and reducing recidivism for its target population. Chesapeake Research Associates will use a randomized controlled trial to independently verify the program’s success against employment and recidivism metrics.
Press releases describing the program are available here: New York State, Merrill Lynch, and Social Finance US.)
Michael Belinsky 