The Social Innovation Fund (SIF) today announced $12 million in awards to eight grantees to fund pay-for-success strategies.
The eight grantees have been awarded between $200,000 and $1,800,000 each year for three years. Each of the grantees is expected to match its federal award and use the combined proceeds to launch open grant competitions for subgrantees within the next few months.
Grants will fund one of two primary activities: (1) technical assistance to assess project feasibility and develop capacity; or (2) to help cover the cost of structuring pay-for-success transactions.
According to SIF:
The SIF’s PFS investments aim to address limited availability of funds for planning, feasibility studies, deal structuring, and pipeline development, all of which have constrained growth of the field. The investments have the potential to lead to nearly a hundred Pay for Success deals across the country. SIF will also conduct a rigorous third party evaluation of the program and each project, sharing lessons at every stage in order to enhance knowledge in the field and to test and address questions around the applicability and efficacy of Pay for Success.
The eight grantees are:
- Corporation for Supportive Housing
- Green & Healthy Homes Initiative, Coalition to End Childhood Lead Poisoning
- Harvard Kennedy School Social Impact Bond Lab
- Institute For Child Success, Inc.
- National Council on Crime and Delinquency
- Nonprofit Finance Fund
- Third Sector Capital Partners
- University of Utah David Eccles School of Business PFS Lab
The new grants come in addition to seven other grants that SIF announced earlier this month.