The number of social impact bond programs in the United States has expanded quickly, to eight, with examples found in Massachusetts, New York, Ohio, Utah, and, now, California.
An article by J.B. Wogan explains the ins and outs of social impact bonds, a financing tool that, as defined in the article, taps the "private and philanthropic sectors for early investors for otherwise cost-prohibitive public programs." Wopgan notes that the tool is also sometimes known as a "pay for success" program, and even though it's called a "bond," it's actually "more of a public-private partnership for experimental and expensive interventions in human services."
The social impact bond model also recently launched a new, ambitious effort in Santa Clara County, California, with Project Welcome Home. According to Wogan, over the next six years, "a nonprofit called Abode Services will provide housing and support services to between 150 and 200 long-term homeless people."
Wogan adds: "The nonprofit will assign small caseloads to a multidisciplinary team with training in psychiatry, substance abuse, social work, nursing and vocational rehabilitation. The approach represents a combination of evidence-based practices, and is backed by academic research and recommended by the U.S. Department of Housing and Urban Development."
Wogan also notes that Project Welcome Home follows shortly on the heels of the demise of the "first and most famous" social impact bond in the country—a program providing group therapy for juvenile inmates. Project Welcome Home will also allow project funders to discontinue the program if it proves ineffective.
FULL STORY: Can Social Impact Bonds Help Reduce Homelessness?
The Mall Is Dead — Long Live the Mall
The American shopping mall may be closer to its original vision than ever.
The Paradox of American Housing
How the tension between housing as an asset and as an essential good keeps the supply inadequate and costs high.
Report: Las Vegas, Houston Top List of Least Affordable Cities
The report assesses the availability of affordable rental units for low-income households.
Anchorage Leaders Debate Zoning Reform Plan
Last year, the city produced the fewest new housing units in a decade.
How to Protect Pedestrians With Disabilities
Public agencies don’t track traffic deaths and injuries involving disabled people, leaving a gap in data to guide safety interventions.
Colorado Town Fills Workforce Housing Need With ‘Dorm-Style’ Housing
Median rent in Steamboat Springs is $4,000 per month.
City of Yakima
City of Auburn
Baylands Development Inc.
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Town of Zionsville
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.