IDEAS home Printed from https://ideas.repec.org/a/fip/fedfcr/00009.html
   My bibliography  Save this article

Rikers Island: the first Social Impact Bond in the United States

Author

Listed:
  • John Olson
  • Andrea Phillips

Abstract

In August 2012, Goldman Sachs Bank?s Urban Investment Group (UIG) announced the first social impact bond (SIB) in the United States, a $9.6 million loan it would make to support the delivery of therapeutic services to 16- to 18-year-olds incarcerated on Rikers Island. The loan will be repaid based on the actual and projected cost savings realized by the New York City Department of Correction as a result of the expected decrease in recidivism. This unique public-private partnership between the City of New York, MDRC, the Osborne Association, Bloomberg Philanthropies, and Goldman Sachs leverages high-quality nonprofit capacity, private-sector capital, and philanthropic support to address a pressing community challenge.

Suggested Citation

  • John Olson & Andrea Phillips, 2013. "Rikers Island: the first Social Impact Bond in the United States," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 01, pages 097-101.
    • Handle: RePEc:fip:fedfcr:00009
    as

    Download full text from publisher

    File URL: https://www.frbsf.org/community-development/wp-content/uploads/sites/3/rikers-island-first-social-impact-bond-united-states.pdf
    File Function: Full Text
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrikopoulos, Andreas, 2020. "Delineating social finance," International Review of Financial Analysis, Elsevier, vol. 70(C).
    2. Daniel L. Tortorice & David E. Bloom & Paige Kirby & John Regan, 2020. "A Theory of Social Impact Bonds," NBER Working Papers 27527, National Bureau of Economic Research, Inc.
    3. Michael Gordon, 2016. "How Social Enterprises Change: The Perspective of the Evolution of Technology," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 7(2), pages 189-210, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfcr:00009. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.