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California Pay for Success Initiative Participants Announced

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MAY 7, 2014

The Nonprofit Finance Fund and the James Irvine Foundation have announced the projects selected to participate in the California Pay for Success Initiative, a social impact bond initiative launched by Irvine and NFF in January.

The initiative will provide $2.5 million in initial funding as well as technical assistance to five local government agencies and social service providers working to structure pay-for-success agreements in California over the next two years. In such an agreement, private investors fund promising interventions and receive a return on their investment from the government if results are achieved. Participants in the initiative also will form a learning cohort to share their experiences, challenges, and outcomes.

Participants include the Center for Employment Opportunities and REDF, which will use the funds to conduct cost-benefit and program impact analyses related to the scaling of a program aimed at reducing recidivism and improving employment outcomes for formerly incarcerated individuals in San Diego County; the County of Los Angeles, which will use its funds to develop a blueprint to help county executives select high-impact interventions; the City and County of San Francisco, which will conduct feasibility and cost-benefit analyses of how the pay-for-success model could enable a greater focus on preventative services within city and county agencies; the County of Santa Clara, which is pursuing two projects to reduce suffering and increase wellness for the chronically homeless and the acutely mentally ill; and the Nurse-Family Partnership, which will analyze return on investment at the county level and convene stakeholders to scale its home-visitation program for first-time mothers living in poverty in the Bay Area and Orange County.

Read more: http://philanthropynewsdigest.org/news/california-pay-for-success-initiative-participants-announced

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