Hundreds of homeless people are already on their way to a better life under a new form of ‘social impact’ investing, a report says.
‘Social impact’ investors support homeless
Hundreds of Australians are opening the door to stable homes with the support of “social impact” investors as governments look for new ways to tackle the housing crisis.
Many with a history of chronic homelessness are well on their way to a different life under Australia’s first social impact bond targeting homelessness, according to Flinders University and University of Western Australia researchers.
Social impact bonds involve private investors financing social service programs, with governments repaying the investors when targeted outcomes are achieved.
The Aspire program in South Australia has provided three years of intensive support, with a final report to be released on Monday by Premier Peter Malinauskas to coincide with the start of Homelessness Week.