Expanding opportunities in America’s cities

Social Finance

Boston
$100,000 loan

Awarded

Committed:
2014

This pay-for-success transaction supports New York State Workforce Re-Entry 2013 LLC, an effort to reduce recidivism in New York City and the central New York city of Rochester. The investment allows the Center for Employment Opportunities to provide intensive services, including transitional employment and permanent job placement, to 2,000 recently released prisoners. A total of $13.5 million has been raised for the project, primarily via private-sector investors. New York State and the U.S. Department of Labor will pay investors up to $21.5 million in success payments for outcomes based on reduced recidivism, increased employment and completion of the job-training program. The effort will also help demonstrate a new method of financing social services.