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White House, Federal Agencies Invest in Pay for Success Initiatives

A recent blog post from the White House describes some of the ways that the Administration and other federal agencies are beginning to invest in so-called Pay for Success initiatives. Under the Pay for Success model, governments partner with philanthropic and private investors who fund innovative projects with up-front capital that the government later reimburses if predetermined measurable outcomes are met. With this model, government funding is not invested in programming that does not achieve results; but rather in organizations that do achieve successful, measurable outcomes reducing families’ and individuals’ need for future services.
 
Among the examples of Pay for Success initiatives taking root in the federal government are: HUD’s recently announced $5 billion in Hurricane Sandy infrastructure rebuilding, the Department of Labor’s $25 million grant program to improve employability and reduce recidivism among ex-offender populations in New York and Massachusetts, and the Treasury Department’s recently issued Request for Information (RFI) to design a $300 million Incentive Fund to expand Pay for Success initiatives.  Some of these initiatives are part of the proposed $500 million investment in Pay for Success included in the President’s FY2014 budget.
 
If you want to learn more about the federal government’s impending investments in Pay for Success, check out the Office of Social Innovation and Civic Participation, part of the White House Domestic Policy Council.

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Blog | by Dr. Radut