This brief essay by Gordon Berlin, first published by the Nonprofit Finance Fund, builds on MDRC’s experience as the intermediary in the nation’s first operational Social Impact Bond to describe three broad challenges facing the Pay for Success movement as it moves from promising concept to on-the-ground implementation.
Early Lessons from the New York City Social Impact Bond
A social impact bond (SIB) is an innovative way to fund promising new programs at no cost to taxpayers. This report describes the first operational SIB in the U.S., explaining how an intervention for youth incarcerated at Rikers Island was developed, how the unique financing mechanism was arranged, and how the program was adapted and implemented at full scale.
MDRC is learning what programs work best to prevent at-risk youth from getting in trouble, help juvenile offenders turn their lives around, and give reentering prisoners the chance to get a foothold in the labor market and reduce their chances of rearrest.
This article, first published in Community Development Investment Review, proposes a vision of a social impact bond model that moves beyond just achieving cost-savings to spurring innovation, knowledge-building, rigorous evaluation, and, potentially, outcomes that achieve other socially desirable goals.
The 700,000 incarcerated prisoners released each year face considerable obstacles to successfully reintegrating into their communities, and many return to prison. While state and federal agencies have mounted ambitious prisoner reentry initiatives, this policy memo from our “Looking Forward” series explains that there is still much to learn about what works.
Subsidized employment programs provide jobs to people who cannot find employment in the regular labor market and use public funds to pay all or some of their wages. Part of our “Looking Forward” series, this policy memo describes how these programs may be part of the answer for the long-term unemployed in the aftermath of the Great Recession.