The Social Innovation Fund (SIF) today announced that five of its eight pay-for-success intermediary grantees have selected a first round of 27 subgrantees to receive technical assistance funding for pay-for-success transactions.
Today’s announcement covers only a fraction of the projects that are likely to be leveraged through SIF funds. Announcements from the other three intermediaries (National Council on Crime and Delinquency, Nonprofit Finance Fund, and University of Utah Policy Innovation Lab) are still outstanding. Moreover, several of the five that announced today (perhaps all) may announce further rounds of subgrants later this year or next. (Additional information can be found in SIRC’s report, released late last year).
SIF is also expected to announce another competition for intermediaries in addition to the current eight later this year. It received funding from Congress to do so in December.
SIF is supporting its pay-for-success grantees through a learning community that is sharing best practices and lessons learned. All grantees receive direct support from an assigned program officer, according to Samantha Jo Warfield, a spokesperson for SIF.
In addition to the SIF-funded projects, as much as $300 million in workforce-related projects may begin to come online soon under legislation enacted by Congress last year. Congress may also soon move separate, stand-alone legislation in the House and Senate. The House bill was introduced last week.
The five SIF-funded organizations announcing projects today include:
- Corporation for Supportive Housing: CSH has announced 6 supportive housing projects. See also this related Huffington Post article.
- Green & Healthy Homes Initiative: GHHI announced five awards targeting asthma prevention. See also their press release.
- Harvard Kennedy School Social Impact Bond Lab: The Harvard SIB Lab has announced 6 projects covering a variety of issues, including prisoner reentry and green infrastructure. See also their press release.
- Institute for Child Success: ICS has announced five early childhood awards. It is also planning an annual conference devoted to PFS later this year in partnership with ReadyNation and the Pritzker Children’s Initiative. See also their press release.
- Third Sector Capital Partners: Third Sector announced seven awards covering a range of projects, including teen pregnancy prevention and early learning. See also their press release.
- National Council on Crime and Delinquency: NCCD announced its subgrantees on March 18. See their announcement here.
- Social Impact Bond Legislation Introduced in the House (March 5, 2015)
- House Passes Pay-for-Success Amendment to K-12 Education Bill (February 26, 2015)
- Report: Winning SIF Applications Suggest Substantial Growth for Pay-for-Success (November 5, 2014)