2017 Symposium Industry Report: Pay for Success

TABLE 3 Current PFS Housing-Related Projects NAME LOCATION

PROJECT LAUNCH

CONTRACT DURATION (YEARS)

UPFRONT INVESTMENT (MILLIONS)

MAXIMUM PAYOUT (MILLIONS)

DATE

Cuyahoga Partnering for Family Success Program Denver Social Impact Bond Program Massachusetts Chronic Initiative Homelessness Pay for Success Utah High Quality Preschool Program Project Welcome Home

Cuyahoga County, OH

Jan 15

6

$ 4.0

$ 5.0

Denver, CO

Feb 16

5

$ 8.7

$ 11.4

Massachusetts

Dec 14

6

$ 3.5

$ 6.0

Salt Lake County, UT

Sep 13

7

$ 7.0

$ N/A

Santa Clara County, CA

Aug 15

6

$ 6.9

$ 8.0

Success contract finances preventive care that provides both housing and case management and access to healthcare and community resources for targeted individuals. 90 Housing Type: The city of Denver will house 250 individuals in 210 newly- constructed single-site homes and 40 refurbished rental units scattered across the city. Units will be subsidized by the Colorado Division of Housing, the Denver Housing Authority, the Denver Continuum of Care, and flexible PFS subsidy dol- lars. Construction was financed by $2.7 million in Low Income Housing Tax Credits and $3.2 million in gap financing provided by the City of Denver and State of Colorado. Cohort: To measure the impact of preventive services, Denver will conduct a randomized controlled trial (RCT) whereby of 500 eligible individuals, 250 are assigned to the PFS program and the other 250 given current care services.

Involved PFS Partners and Roles:

• Local government: City of Denver • P FS Lenders: $8.63 million from Laura and John Arnold Foundation, Living Cities Blended Catalyst Fund, Nonprofit Finance Fund, The Ben and Lucy Ana Fund at the Walton Family Foundation, The Colorado Health Foundation, The Denver Foundation, The Northern Trust Company, and The Piton Foundation • Intermediary: Denver PFS LLC • S ervice Providers: Colorado Coalition for the Homeless, Mental Health Center of Denver

Pay for Success & Affordable Housing | Stefano Rumi 35

nhpfoundation.org

Powered by