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Bank:Federal Reserve Bank of San Francisco  Series:Community Development Innovation Review 

Journal Article
Rikers Island: the first Social Impact Bond in the United States

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 ...
Community Development Innovation Review , Issue 01 , Pages 097-101

Journal Article
The disability housing market: opportunity for community development finance as the Americans with Disabilities Act turns 20

A home is more than just an address, more than just a place to hang your hat. For many of us, the first time we feel independent is when we sign our first lease, buy our first set of dishes, and pay our first bills. For many, the most strenuous part in finding a place to live is meeting the right real estate agents, or finding a home with enough bathrooms, or one with a decent-size kitchen and adequate sunlight.
Community Development Innovation Review , Issue 3 , Pages 088-096

Journal Article
The relevance of health reform to community health and development

Over the past twelve months, Congress and the nation have been engaged in a discussion about how to make significant changes in the provision of health insurance and the financing of health care in the United States. The debate has seen its highs and lows: from the raucous August town hall meetings and charges that the reform would institute ?death panels? for the elderly and lead to government-run health care to more candid conversations about the affordability of health insurance for typical Americans and the real impact of an inefficient and underperforming health-care system on the U.S. ...
Community Development Innovation Review , Issue 3 , Pages 123-127

Journal Article
Financing energy efficiency in low-income multifamily rental housing: a progress update from the Low Income Investment Fund

Bringing energy efficiency to our nation?s building stock is an attractive triple bottom line proposition, and a critical one?for addressing global climate change, improving environmental quality and health, and delivering cost savings to owners and tenants. Although markets for retrofitting commercial properties and single family homes are developing, many low-income people are still waiting on the sidelines to partake in benefits. This trend is particularly worrisome because the least fortunate are more likely to live, attend school, and work in older, less energy-efficient buildings; as a ...
Community Development Innovation Review , Issue 01 , Pages 085-090

Journal Article
The promise of Pay for Success

The president?s fiscal year 2014 budget demonstrates that we can make critical investments to strengthen the middle class, create jobs, and grow the economy while continuing to reduce the deficit in a balanced way. Pay for Success (PFS) fits squarely in this strategy. The Obama administration is fostering a PFS market using all the tools at our disposal: policy development, budget proposals, pilot programs, and open dialogue with innovators from across government and the private sector to share knowledge and best practices. These strategically designed programs are meant to encourage both ...
Community Development Innovation Review , Issue 01 , Pages 019-022

Journal Article
Social impact bonds: Using impact investment to expand effective social programs

This article focuses on how impact investors in SIBs can help drive improved performance in the US social sector while providing growth capital to effective nonprofit or social enterprise social service providers. The true power of SIBs lies in the discipline that investors can bring to the process of provider selection and delivery of social services. When government, investor, and provider expectations are aligned, SIBs have the potential to bring significant new capital and efficiencies to social service delivery.
Community Development Innovation Review , Issue 01 , Pages 063-067

Journal Article
Human Capital Performance Bonds

The concept of the ?new normal? has infiltrated the thinking of policymakers, employers, and service providers. Brought about by demographic and technological changes, the new normal demands change: business as usual will no longer work. Social impact investing provides an answer to the question: How can we identify and fund those human services that improve the health of our communities over the long run and pay for themselves? Like traditional investing, it recognizes that certain social interventions provide financial gains to investors. Unlike traditional investing, it also provides ...
Community Development Innovation Review , Issue 01 , Pages 103-108

Journal Article
Bringing down green financing costs: how a state-sponsored bank might be the key

The costs of clean energy solutions are falling. As one example, solar panel prices are down more than 50 percent in the last three years. Costs of batteries, wind turbines, and fuel cells have also declined. As promising as that is, soft costs?installation, permitting, and financing?now account for nearly two-thirds of the cost of a residential solar system, and they have not declined. There is little hope of providing clean energy solutions at scale until the soft costs are brought under control. One promising innovation is a state-sponsored ?green bank? to lower finance costs for the ...
Community Development Innovation Review , Issue 01 , Pages 103-107

Journal Article
Creative placemaking: an interview with the Ford Foundation

Laura Callanan, visiting scholar at the Federal Reserve Bank of San Francisco, interviewed the Ford Foundation?s president, Darren Walker, and the foundation?s vice president for economic opportunity and assets, Xavier de Souza Briggs, to understand the foundation?s commitment to creative placemaking.
Community Development Innovation Review , Issue 02 , Pages 011-016

Journal Article
Bridging the information gap between capital markets investors and CDFIs

Proceedings of the Conference on the Secondary Market for Community Development Loans The problem of efficiently matching buyer and seller is both ancient and ubiquitous. It is, of course, the source of the concepts of brokerage and intermediation. The situation in which sellers are small, traditional and local and buyers large, sophisticated, and national or, indeed, global, is an especially difficult one to get right?especially from the perspective of the sellers. But it is also the situation in which modern technology may be most useful. This ancient dilemma resembles the problem of ...
Community Development Innovation Review , Issue 2 , Pages 36-39




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