Dear Pay for Success Community,
NFF is pleased to present you with our latest Quarterly Round-Up of major developments and news from the Pay for Success arena in the United States. Below we have highlighted market updates and publications informing the growth of Pay for Success nationally.
- Results Released for Rikers Island Pay for Success Social Impact Bond The first U.S. based SIB blazed a new trail for innovative social services without spending taxpayer dollars; however, outcome targets failed to be achieved so no outcomes-based payments were made to investors.
- Bennet, Hatch Introduce Social Impact Partnership Bill The senators reintroduced bipartisan federal legislation that aims to achieve better outcomes in social and public health programs for both beneficiaries and taxpayers.
- New States Engage in Pay for Success Exploration The State of North Carolina issues a Request for Information | Colorado Governor signs Pay for Success bill into law | Pennsylvania Representative introduces Pay for Success legislation.
- Second RFP Released for NFF Transaction Structuring Competition Applicants can apply for grant awards of $75,000 to $250,000 for a 12-month period to support the advanced stages of developing Pay for Success contracts.
- Clinton Global initiative Spurs Commitment to Action Nurse-Family Partnership seeks philanthropic support to launch national Pay for Success project | Salt Lake County commits to dashboard for data-driven policy making.
Voices from the field:
- First Pay for Success Pioneers Blog Series Published This series provides insight into lessons from leaders in early Pay for Success projects. The first installment focuses on CEO, the service provider in the New York State Project.
- Social Innovation Fund Releases State of the Pay for Success Field Report The report examines current projects, activity in development, and emerging themes to enhance knowledge and address questions around applicability and efficacy.
- Vera Institute Measures the Taxpayer Cost of Incarceration This report outlines significant jail expenditures that are not reflected in jail budgets and highlights how the surest way to safely cut costs is to reduce the number of people in jails.
- Accenture Examines Shift in Government and Private Sector Partnerships The piece outlines three government challenges that must be overcome for state and local governments to realize the promise of Pay for Success deals.
- How States Can Use the Workforce Innovation & Opportunity Act Social Finance and Jobs for the Future present opportunities to create infrastructure for new types of government contracts and better engage local workforce investment boards.
- Pay for Success Calls for Innovation in Existing Structures Third Sector Capital Partners looks at how Pay for Success could benefit from a reexamination of nonprofit and tax law, government contracting, and securities law.
Be sure to check out the Pay for Success Learning Hub and follow us on Twitter (@NFFSocialImpact) for the latest updates. And, as always, feel free to contact us with Pay for Success-related resources you would like added to the Hub or other inquiries.
- NFF's Pay for Success Team