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Bringing Social Impact Bonds to New York City: The City of New York

The factors that underlie the correlations between sociality, the formation of strong social bonds, and fitness outcomes are not fully understood, and there is some uncertainty about the direction of the causal links between these behaviors and fitness outcomes. However, a growing body of evidence suggests that sociality affects physiology. When rats (Rattus norvegicus) are housed in isolation, they become hypervigilant and fearful of new stimuli (Cavigelli and McClintock 2003; Cavigelli et al. 2006). Fearfulness early in life is associated with greater reactivity to stressful events later in life and earlier age at death. Socially isolated females have more exaggerated glucocorticoid responses to everyday stressors and are much more likely to develop mammary. | Bringing Social Impact Bonds to New York City The City of New York Michael R. Bloomberg Mayor What are Social Impact Bonds A Social Impact Bond is an investment vehicle designed to encourage private funding for promising social programs - Taps into new funding opportunities - Private investors fund a program s delivery and operations Public sector commits to paying the contractor only if improved social outcomes are achieved - Taxpayers only pay for interventions that work Third-party evaluation confirms that outcomes have been achieved before investors can be paid Concept is relatively new and New York City will be the first in the nation to implement this innovative financing model 2 What are the Benefits Investing in outcomes to improve the lives of those in need Government is able to preserve public resources for successful interventions while still encouraging innovation in a time of fiscal constraints - Savings can be recaptured and reinvested into a permanent funding stream for the program - Accelerate adoption and implementation of promising programs - Brings added discipline to measuring outcomes for government programs because there is an upfront agreement on how to measure success Nonprofit providers receive a committed funding stream not subject to budget cuts Can produce financial returns for private investors who assume the risk while achieving a public good