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Investment Review Volume 9, Issue 1, 2013 AU 10252 AU CA 94105 SAN FRANCISCO, 101 MARKET STREET F U N M I T M Y O EDERAL C D E V E C E L N O T E P R M F R E O N R ESERVE T IN VE S STMENT B ANK O F S AN F RANCISCO Community Develop Community Development INVESTMENT REVIEW www.frbsf.org/cdinvestments Pay for Success Financing ment Investment Review Background and Context The Real Revolution: Ending 40 Years of Stagnant Results for Communities Pay for Success is Not a Panacea The Promise of Pay for Success Social Impact Bonds (SIBs): Lessons Learned So Far Pay for Success: Understanding the Risk Trade-offs The Ethics of Pay for Success Learning from the Low Income Housing Credit (LIHTC) Using SIBs to Spur Innovation, Knowledge Building, and Accountability Roles and Responsibilities Using Impact Investment to Expand Effective Social Programs Banks as Pioneer Investors in Pay for Success Financing Innovation Needs Foundation Support: The Case of Social Impact Bonds Pay for Success: Opportunities and Risks for Nonprofits Success Begins with a Feasibility Study Government’s Role in Pay for Success Volume 9, Issue 1, 2013 Volume Applications and Models Rikers Island: The First Social Impact Bond in the United States POSTAGE & FEES PAID POSTAGE SAN FRANCISCO, CA SAN FRANCISCO, PERMIT NO. 752 PERMIT NO. Human Capital Performance Bonds PRSRT STD Pay for Success: Building On 25 Years of Experience with the LIHTC Paying for Success to Reduce Asthma Emergencies Supporting At-Risk Youth: A Provider’s Perspective on Pay for Success NTER FO CE R C O Tax Increment Finance: A Success-Driven Tool S M T N M E Paying for Success to House the Homeless in Massachusetts U M N FEDERAL RESERVE BANK OF SAN FRANCISCO SAN BANK OF RESERVE FEDERAL T I T S Using Performance-Based Contracting for Kids and Families Y E V D N E I VE T LOPMEN Community Development INVESTMENT REVIEW The Community Development Department of the Federal Reserve Bank of San Francisco created the Center for Community Development Investments to research and disseminate best practices in providing capital to low- and moderate-income communities. Part of this mission is accomplished by publishing the Community Development Investment Review. The Review brings together experts to write about various community development investment topics including: Finance—new tools, techniques, or approaches that increase the volume, lower the cost, lower the risk, or in any way make investments in low-income communities more attractive; Collaborations—ways in which different groups can pool resources and expertise to address the capital needs of low-income communities; Public Policy—analysis of how government and public policy influence community development finance options; Best Practices—showcase innovative projects, people, or institutions that are improving the investment opportunities in low-income areas. The goal of the Review is to bridge the gap between theory and practice and to enlist as many viewpoints as possible—government, nonprofits, financial institutions, and beneficiaries. As a leading economist in the community development field describes it, the Review provides “ideas for people who get things done.” For submission guidelines and themes of upcoming issues contact David Erickson, Federal Community Development INVESTMENT REVIEW Reserve Bank of San Francisco, 101 Market Street, Mailstop 215, San Francisco, California, 94105-1530, [email protected]. The material herein may not represent the views of the Federal Reserve Bank of San Francisco or the Federal Reserve System. Free subscriptions and additional copies are available upon request from the Community Development Department, Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, California 94105, or email [email protected]. Change-of-address and subscription cancellations should be sent directly to the Community Development Department. Please include the current mailing label as well as any new information. Community Development Investment Review Advisory Committee The views expressed are not necessarily those of the Federal Reserve Bank of Ian Galloway, Issue Editor Frank Altman, Community Reinvestment Fund San Francisco or the Federal Reserve System. Material herein may be reprinted or abstracted as long as the Community Development Investment Review is credited. David Erickson, Journal Editor Nancy Andrews, Low Income Investment Fund Jim Carr, National Community Reinvestment Coalition Center for Community Development Investments Prabal Chakrabarti, Federal Reserve Bank of Boston Joy Hoffmann, FRBSF Group Vice President Catherine Dolan, Opportunity Finance Network Scott Turner, Vice President Andrew Kelman, KGS-Alpha Capital Markets Laura Choi, Senior Research Associate Kirsten Moy, Aspen Institute Naomi Cytron, Senior Research Associate Mark Pinsky, Opportunity Finance Network Gabriella Chiarenza, Research Associate Lisa Richter, GPS Capital Partners, LLC Benson Roberts, U.S. Department of the Treasury Clifford Rosenthal, Consumer Financial Protection Bureau Ruth Salzman, Russell Berrie Foundation Ellen Seidman, Consultant Bob Taylor, RDT Capital Advisors Kerwin Tesdell, Community Development Venture Capital Alliance Betsy Zeidman, Consultant Table of Contents PAY FOR SUCCESS: BACKGROUND AND CONTEXT The Real Revolution of Pay for Success: Ending 40 Years of Stagnant Results for Communities .............................................................................................................................5 George Overholser and Caroline Whistler, Third Sector Capital Partners Pay for Success is Not a Panacea ................................................................................................12 Daniel Stid, The Bridgespan Group The Promise of Pay for Success ...................................................................................................18 Jonathan Greenblatt, White House Office of Social Innovation and Civic Participation Annie Donovan, White House Council on Environmental Quality Social Impact Bonds: Lessons Learned So Far .............................................................................22 Hanna Azemati, Michael Belinsky, Ryan Gillette, Jeffrey Liebman, Alina Sellman, and Angela Wyse, John F. Kennedy School of Government, Harvard University Pay for Success: Understanding the Risk Trade-offs .....................................................................33 Kristin Giantris and Bill Pinakiewicz, Nonprofit Finance Fund The Ethics of Pay for Success.......................................................................................................38 Jodi Halpern and Douglas Jutte, University of California, Berkeley Learning from the Low Income Housing Tax Credit: Building a New Social Investment Model ..............................................................................................................44 Barry Zigas, Consumer Federation of America Using Social Impact Bonds to Spur Innovation, Knowledge Building, and Accountability ..............53 David Butler, Dan Bloom, and Timothy Rudd, MDRC PAY FOR SUCCESS: ROLES AND RESPONSIBILITIES Social Impact Bonds: Using Impact Investment to Expand Effective Social Programs .............................................................................................................59 Luther Ragin, Jr., Global Impact Investing Network and Tracy Palandjian, Social Finance Inc. Community Reinvestment Act (CRA) Banks as Pioneer Investors in Pay for Success Financing ...........................................................................................................64 Steven Godeke, Godeke Consulting Innovation Needs Foundation Support: The Case of Social Impact Bonds ....................................70 Kippy Joseph, Rockefeller Foundation Pay for Success: Opportunities and Risks for Nonprofits .............................................................. 74 Laura Callanan and Jonathan Law, McKinsey & Co. Success Begins with a Feasibility Study .......................................................................................80 Robert H. Dugger, ReadyNation Government’s Role in Pay for Success ..........................................................................................85 Kristina Costa, Center for American Progress and Sonal Shah, Case Foundation PAY FOR SUCCESS: APPLICATIONS AND MODELS Rikers Island: The First Social Impact Bond in the United States .................................................. 91 John Olson and Andrea Phillips, Goldman Sachs Human Capital Performance Bonds ..............................................................................................96 Steve Rothschild, Invest in Outcomes Pay for Success: Building On 25 Years of Experience with the Low Income Housing Tax Credit .........................................................................................................102 Terri Ludwig, Enterprise Community Partners, Inc. Can Pay for Success Reduce Asthma Emergencies and Reset a Broken Health Care System? ..........................................................................................108 Rick Brush, Collective Health Supporting At-Risk Youth: A Provider’s Perspective on Pay for Success .......................................119 Lili Elkins, Roca Inc. Tax Increment Finance: A Success-Driven Tool for Catalyzing Economic Development and Social Transformation ..................................................................................... 123 Toby Rittner, Council of Development Finance Agencies Bringing Success to Scale: Pay for
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