Denver Mayor Hancock: Independent Report Shows Continued Success of Denver’s Health and Housing Social Impact Bond Program
More than 250 formerly homeless people housed through
"Our innovative SIB program is proving that when people experiencing long-term homelessness are supported with the stability of housing coupled with the health services they need, they will thrive," Mayor
VIDEO: Social Impact Bond : Client Stories (https://www.youtube.com/watch?v=Myt25jwk7_g&feature=youtu.be)
Overall, 285 people have been housed through the Denver SIB program, usually within six months of being referred to service providers. According to the report, most participants, 85 percent, remain in housing once they sign their lease. The 44 people who exited the program did so for a variety of reasons, including participant deaths, incarceration for more than 90 days, and lease violations.
"Based on our evaluation,
Social Impact Bonds are a unique type of performance-based contract where private and/or philanthropic lenders loan funds to accomplish a specific objective and are repaid based on whether the program achieves its goals. The total private investment in the program is nearly
The Denver SIB program, first announced by Mayor Hancock at the
"The success of the Social Impact Bond Program has been made possible by the strong partnerships within the program and the expertise of the Assertive Community Treatment (ACT) teams which provide the supportive and therapeutic services that are essential to keep people stably housed," said
"The
Through the Social Impact Bond contract, the city agreed to pay
Beginning in 2019, the
Before supportive housing, program participants' experiences of homelessness and housing instability were closely linked to their criminal justice involvement. The SIB program was designed to reduce their jail stays by providing housing stability and wrap around case management services.
After one year in housing, 44 percent of participants had not returned to jail. The average number of days in jail is lower than that of the target population prior to their referral to the Denver SIB program and if participants do go to jail, it is for less time than before they began participating in the program.
The partners involved in this program include:
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* Social Impact Solutions (
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* Colorado Access (
The investors involved in this contract include:
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* Additional Support Provided by:
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Feasibility Grants:
Transaction Structuring Grant:
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