DENVER (CBS4) – The Denver Social Impact Bond announced the first results of an initiative aimed at helping the chronically homeless.
The program was launched by Mayor Michael Hancock at the Clinton Global Initiative in 2016.
The group’s goal is to improve the lives of people who need the resources and effective programs.
“Social Impact Bonds are a unique type of performance-based contract where private and/or philanthropic lenders loan funds to accomplish a specific objective,” according to a press release from the City of Denver.
The SIB program uses that money for housing and “supportive case management services” for more than 250 homeless individuals.
“To date, over, or close to 200 individuals have actually been housed as part of the program. By early 2018, we hope to get up to 250 individuals,” said Tyler Jaeckel, the program’s director.
They say those people are frequently helped by the city’s emergency services.