Social Impact Investing

first $1 million investment in this program will enable approximately 600 children to
attend pre-school in the fall of 2013.
Illinois: On May 5, 2014, the State of Illinois announced the state’s first Pay for
Success (PFS) contract will increase support for at-risk youth who are involved in both
the child welfare and juvenile justice systems in Illinois. The first contract awarded under
this innovative initiative will go to One Hope United, in partnership with the Conscience
Community Network (CCN). The program is intended to generate new private
investment for support programs targeting at-risk youth, putting them on the right path
by reducing their dependence on the state’s welfare and criminal justice systems, which
will lead to long-term savings for taxpayers.
US
Early Stage Exploration
States across the country are currently exploring opportunities to use Social impact
bonds to achieve their social goals, including:
California: In August 2013, Santa Barbara County released a Request for
Information on Social impact bonds and approved a feasibility study to explore
the potential use of pay for success financing in reducing prisoner recidivism;
Additionally, Santa Clara agreed to fund a pilot project exploring SIB feasibility.
Colorado: In June 2013, Colorado and Denver were selected to receive support
from a Harvard Kennedy School SIB Technical Assistance Lab (SIB Lab) fellow.
Both jurisdictions have released a “Request for Information” (RFI) on SIBS.
Connecticut: In 2013, the Department of Children and Families released a
Request for Information to explore how Social impact bonds might be used to
address substance abuse among families involved in the child welfare system.
Illinois: In April 2013, Governor Quinn announced that the State would pursue a
Social Impact Bond program with technical support from the Harvard SIB Lab. In
September, Illinois issued a “Request for Proposal” (RFP), focused on youth
engaged in the juvenile justice and/or foster care systems.
Maryland: In 2013, Social Impact Bond legislation was introduced to the
Committee on Appropriations in the Maryland House of Delegates.
Michigan: In September 2013, Michigan was selected to receive support from the
SIB Lab to develop pay for success programs funded by social impact bonds.
The state initiated an RFI to obtain initial input about potential projects.
New Jersey: In December 2012, the State Assembly Commerce and Economic
Development Committee approved the New Jersey Social Innovation Act, which
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