Dear Pay for Success Community,
Nonprofit Finance Fund (NFF) is pleased to present our latest quarterly round-up of major developments and news from the Pay for Success (PFS) arena in the United States. Below we have highlighted market updates, publications informing the growth of PFS nationally, and open opportunities to engage in PFS activities. As always, more information can be found on the Pay for Success Learning Hub.
- Positive Initial Outcomes for Chicago's Child-Parent PFS Initiative Results showed that more than half the children from the first group of 374 preschoolers were deemed kindergarten-ready, triggering the first success payment to investors.
- House Unanimously Approves Social Impact Partnerships Act The approved bi-partisan legislation empowers states, local governments and the private sector to scale up evidence-based interventions that address inequality and improve lives.
- HUD & DOJ Award $8.7M to Prevent and End Homelessness Seven organizations across the U.S. will receive support through the PFS model to address homelessness and reduce recidivism for individuals convicted of minor crimes.
- Second Cohort of Social Innovation Fund PFS Grantees Receive $6M Grantees were awarded between $600,000 and $1.3 million, and will hold open competitions to select communities for technical assistance services to develop PFS projects.
- CA Board of State & Community Corrections Awards $4.75M BSCC awarded three PFS grants - to LA, Ventura and Alameda counties - for pilot PFS projects that pay service providers when they successfully achieve recidivism-reduction goals.
- NFF Awards $730,000 to Job Training, Housing and Eldercare PFS Projects Grants will support the launch of PFS agreements in Maryland, Pennsylvania and Texas, and are funded through NFF's award from the Social Innovation Fund.
- CSH, NCCD, Sorenson Center Announce Technical Assistance Recipients Three grantees of the Social Innovation Fund's PFS program have selected recipients of technical assistance to examine feasibility of using PFS in specific geographies and issue areas.
Opportunities to engage:
- SIF PFS Administrative Data Pilot Grant Competition Announced The Social Innovation Fund will provide up to $4.5 million in grants for activities related to administrative data in order to develop high quality PFS projects. Applications are due August 16, 2016.
Voices from the field:
- Social Finance Publishes "Social Impact Bonds: The Early Years" The paper looks back to the launch of the first SIB in Peterborough in 2010 and the subsequent 60 projects launched in 15 countries to chart the growth of this emerging movement.
- Institute for Child Success Releases Feasibility Templates Based on work supported by the Social Innovation Fund, ICS developed templates for jurisdictions conducting feasibility studies exploring PFS for early childhood programs.
- Urban Institute Publishes "From Evidence to Outcomes" Brief Urban offers policymakers and stakeholders principles to help understand and interpret evidence and lay the groundwork for incorporating evidence into broader decision making.
- Brookings Looks at the Potential of PFS in Higher Education A discussion of how the PFS framework would create incentives for improving college success along many dimensions if it was implemented in states with performance-based funding.
- Urban Institute's Principles for Selecting PFS Outcome Metrics Outlined are the basic principles to keep in mind when selecting outcomes measures, such as being measurable, meaningful and ambitious yet realistic.
- Report from Bridges Ventures Examines the Evolution of SIBs in the UK Based on lessons learned from 13 SIBs that Bridges has backed to date, the paper is aimed at those who commission services at local or national government level.
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 inquiries or Pay for Success-related resources you would like added to the Hub.
-NFF's Pay for Success Team