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.READ MORE: Together 4 Colorado Toy Drive Now Underway
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.READ MORE: Aurora Police: Suspected Drunk Driver Survives Crash That Killed Passenger
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.MORE NEWS: Deadly Head-On Crash On Highway 86 Happened 'Short Time' After Deputy Tried To Stop Driver, Sheriff's Office Says
They say those people are frequently helped by the city’s emergency services.