Journal Article
Rikers Island: the first Social Impact Bond in the United States
Abstract: In August 2012, Goldman Sachs Bank?s Urban Investment Group (UIG) announced the first social impact bond (SIB) in the United States, a $9.6 million loan it would make to support the delivery of therapeutic services to 16- to 18-year-olds incarcerated on Rikers Island. The loan will be repaid based on the actual and projected cost savings realized by the New York City Department of Correction as a result of the expected decrease in recidivism. This unique public-private partnership between the City of New York, MDRC, the Osborne Association, Bloomberg Philanthropies, and Goldman Sachs leverages high-quality nonprofit capacity, private-sector capital, and philanthropic support to address a pressing community challenge.
Access Documents
File(s):
File format is text/html
https://www.frbsf.org/community-development/wp-content/uploads/sites/3/rikers-island-first-social-impact-bond-united-states.pdf
Description: Full Text
Authors
Bibliographic Information
Provider: Federal Reserve Bank of San Francisco
Part of Series: Community Development Innovation Review
Publication Date: 2013
Issue: 01
Pages: 097-101