South Australia has launched the country’s first homelessness social impact bond, which will support 600 people through a program focused on life skills and employment pathways.
The $9 million bond, called Aspire, is a partnership between Social Ventures Australia, the South Australian government, and not-for-profit organisations Hutt St Centre and Common Ground Adelaide.
It’s also SA’s first social impact bond, which is an innovative finance mechanism that combines not-for-profit expertise and private sector capital.
SVA’s executive director of impact investing, Ian Learmonth, said the bond,first announced in September 2015, had come to “fruition”.
“The Aspire SIB has now reached the fundraising stage, which is very exciting,” Learmonth told Pro Bono News.
“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.
“We’re feeling optimistic about the prospect of raising the money by 31 March, which is the expected timeframe.”
The Aspire program, beginning on 1 July, is based on the housing first model and aims to build the independence and resilience of people experiencing homelessness.
“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.”..(continues)
SOURCE: Ellie Cooper, “Australia’s First Homelessness Social Impact Bond Reaches ‘Fruition’”, Pro Bono Australia, 10 Feb 2017
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