Impact Bond: New York State Increasing Employment and Improving Public Safety
Stage of development: Implementation
Policy sector: Criminal justice
Intervention: The project will expand a comprehensive, evidence-based employment intervention for 2,000 formerly incarcerated individuals in New York City (“NYC”) and Rochester with the goals of increasing employment, reducing re-incarceration, and thus improving public safety. The intervention is composed of a set of evidence-based, comprehensive core services, including intensive life skills training for five days, immediate placement into a part-time subsidized subsidized transitional job (generally, 9 weeks of work over a period of 4 months), job placement into an unsubsidized job as participants are assessed to be job-ready; and job retention support for one year. The intervention is predicated on the belief that in order to succeed in life after prison, ex-offenders need to become attached to their communities and the job market as soon as possible after release.
Date outcomes contract signed: 2013-10
Start of service provision: 2013-12
Total investment commitment currency: USD
Total investment commitment: 13500000
Total investment commitment (USD): 13500000
Target population: Recently-released individuals under community supervision in NYC and Rochester who are at high-risk of returning to prison.
Targeted number of service users or beneficiaries: 2000
Notes: Evaluation for this project has not yet been completed. This project is the first-ever Pay for Success offering distributed via a leading wealth management platform, made available to qualified private and institutional investor clients of Merrill Lynch and U.S. Trust and other impact investors.