San Francisco, Chicago and DC in the US, top 3 cities in the US who have the most homeless, may learn a lesson or two from a Social Impact Bond that Australia has recently launched.
The $9 million bond, called Aspire, is a partnership between Social Ventures Australia, the South Australian government, and two non-profits focused on the issue of homelessness in the region.
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“It’s also South Australia’s first social impact bond, which is an innovative finance mechanism that combines not-for-profit expertise and private sector capital.
“We’re in the process of raising the $9 million, following the official launch in Adelaide… and we’re following on with launches in Melbourne and Sydney next week.
“The Aspire SIB targets a cohort of 600 people in metropolitan Adelaide who have some history of homelessness, and [aims to] improve outcomes in their lives, particularly in the areas of hospitalisation, convictions and the use of acute homelessness services,” Learmonth said.
“They’re the three key performance measures of the impact bond. But in addition to that, the program also provides other services around allied health and employment.”
The Aspire program, run by Hutt St Centre and Common Ground Adelaide, will provide stable, affordable and quality housing for participants, as well as intensive case worker management.
“Depending upon the success of the program, it could well lead to a different approach from government in the future in terms of how it tackles this difficult issue.”
Source: Pro Bono Australia
