Goldman Sachs and five other supporters will invest $18 million in a Massachusetts program to reduce recidivism among ex-convicts, the biggest "pay for success" project in the U.S., reported The Chronicle of Philanthropy.
Massachusetts Gov. Deval Patrick on Wednesday announced what his administration is calling the biggest pay-for-success effort in the country to date, using private financing for a program to reduce recidivism among ex-convicts, Boston public radio WBUR reports.
Goldman Sachs and five other supporters will invest $18-million in the program led by Roca, a Chelsea, Mass., nonprofit that works to keep young male offenders from returning to jail, as nearly two-thirds now do. Pay-for-success efforts, also called social-impact bonds, use private money to test innovative social-service efforts, with investors promised a return if the programs meet data-driven goals….