Monday, July 6, 2015
NYC Social Impact Investment Fails to Meet Goal
A New York City program designed to reduce recidivism rates among adolescent inmates at Rikers Island failed to meet its goal, and as a result the city will not have to foot the bill for it, the Bond Buyer reports.
The nation's first social impact bond — a pay-for-performance vehicle that leverages private funding to finance public services — the Adolescent Behavioral Learning Experience was launched in 2012 and slated to run four years. Aimed at reducing recidivism among 16- to 18-year-olds who entered Rikers in 2013 by 10 percent or more, the program, which will be discontinued on August 31 after an independent evaluation found it to be ineffective, offered interventions focused on social skills, personal responsibility, and decision making....