Massachusetts has selected two nonprofit groups to build privately supported programs tackling homelessness and juvenile crime in what appears to be the first U.S. test of the ?pay for success? model of providing social services, says?The Boston Globe.
The approach, termed Social Innovation Financing in Massachusetts but also known as social-impact bonds, has been tried in the United Kingdom and Australia. It enlists charities to develop programs addressing chronic problems with support from foundations, philanthropists, and other private entities.
The state chose the Massachusetts Housing and Shelter Alliance and Roca to develop initiatives to reduce chronic homelessness and juvenile recidivism, respectively.
If the programs meet pre-set targets and demonstrate cost savings, the state could provide additional financing and repay the initial investors; if they do not, the investors could lose their investment. The model ?has political appeal, because it?s both socially progressive and fiscally conservative,? said George Overholser of Third Sector Capital Partners, a nonprofit advisory firm helping to oversee the Massachusetts effort.
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