Homelessness 'bond' is seeing results
- 02 Sep
Results are being seen from the use of social impact bonds used by homelessness charities in London.
In November last year the Greater London Assembly gave contracts to two charities to provide a £5 million homelessness service for 830 rough sleepers. Through the bond, the charities, Thames Reach and St Mungo's were meant to reduce the number of rough sleepers in London and help them move into stable accommodation.
Inside Housing reported since this scheme has been in place Thames Reach has worked with 415 people and 320 of these people have been taken off the streets since the project began. 70 of these people are now in stable accommodation. They have also attracted investors, which include a £250,000 loan from Big Issue Invest.
The social impact bonds will run for three years and were developed by the GLA and funded by the Communities and Local Government department for outcomes worth up to £5 million.
Social impact bonds differ from government payment-by-results schemes as they involve a third party, a private investor putting up the finances. This means that smaller charities that are unable to bid for government payment-by results contracts are still able to run bond-funded projects. They also allow private investors to invest in projects designed to address specific problems. Investors only get paid a return if the project is successful.
Image source: http://www.sxc.hu/photo/691662
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