Pay for Success: A New Opportunity for Local Governments to be Catalysts for Change
Calling all participants in the social innovation economy! If you’re a local government interested in social innovation finance or social impact bonds, check out this new opportunity to make impactful social interventions that produce results for communities in need.
Through its Social Innovation Fund, the Corporation for National and Community Service (CNCS) has awarded $1.9 million in grant funding to Third Sector Capital Partners, Inc., a nonprofit advisory firm specializing in Pay for Success (PFS). Third Sector will use the funding to hold an open competition for state and local governments to receive PFS technical advisory services.
NLC is an outreach partner with Third Sector and is working to educate our members and other local government entities on the benefits of PFS and the opportunities presented by this unique project.
To that end, we encourage interested groups to participate in an informational webinar on Friday, October 24th. Third Sector will present more specific information about the competition, discuss eligibility criteria and take questions from participants. Register here.
Pay for Success has received strong bi-partisan support and is also a presidential priority. Federal legislators and leaders from both sides of the aisle recognize and appreciate the benefits of investing in a performance-driven social sector.
The Social Innovation Fund, which is providing funding and support for this project, is a key White House initiative and major program of CNCS that combines public and private resources to grow the impact of innovative, community-based solutions that have compelling evidence of improving the lives of people in low-income communities throughout the U.S.
About the Author: Emily Pickren is the Senior Staff Writer for NLC's Institute for Youth, Education, and Families. Follow Emily on Twitter at @emilypickren.