Impact Bond: Aspire Social Impact Bond Adelaide
Stage of development: Implementation
Policy sector: Homelessness
Intervention: The Aspire Program works with people experiencing chronic homelessness through long-term case management and assistance to secure sustainable housing, employment and other goals. The model applies the Housing First principle. Housing First is an approach to ending homelessness that centres on quickly moving people experiencing homelessness into independent and permanent housing and then providing additional supports and services as needed.  Under the Aspire service model, participants are provided stable accommodation, job readiness training, pathways to employment and life skills development. Importantly, they also have the long-term support of a dedicated ‘Navigator’ to help them connect with wider support services and identify and achieve their aspirations. The Aspire Program is designed as a three-year program with tiered intensity of support. Each individual’s journey will be unique, and the level of support will be adjusted to reflect their strengths and needs. 
Date outcomes contract signed: 2017-03
Start of service provision: 2017-06
Anticipated end of service provision: 2021
Actual end of service provision: 2022
Actual completion date: 2024-12
Total investment commitment currency: AUD
Total investment commitment: 9000000
Total investment commitment (USD): 6897830.457
Maximum potential outcome payment: 11000000 AUD
Maximum potential outcome payment (USD): 8430681.669666667
Target population: To be referred to the Aspire Program, individuals must meet the following eligibility criteria:
● Aged 18-55;
● Currently homeless, or about to be released from a partnering prison or discharged from a partnering hospital and identified as being at risk of homelessness;
● Have been homeless for at least three months in the preceding year (unless incarcerated or in hospital);
● Located in metropolitan Adelaide with the intention of staying in the area;
● Not subject to any unresolved criminal charges; and
● Entitled to a Medicare Card. Referrals will be accepted from providers of homelessness services, participating prisons (up to 10% of referrals), participating hospitals (up to 10% of referrals) and Housing SA. Significant demand is expected for the program, and referrals will be capped at the number of program vacancies. Eligible referrals will be accepted on a first come first served basis. 
Targeted number of service users or beneficiaries: 600
Targeted unit type: Individual
Notes: Government of South Australia is expected to make $17m payments to the Aspire SIB Trust, comprising $6m fixed Standing Charge payments and $11m contingent Outcome Payments