Victoria’s First Social Impact Bond To Address Homelessness

Sacred Heart Mission (SHM) will deliver the state’s first SIB with the Victorian government, expanding the welfare not for profit’s successful Journey To Social Inclusion Program (J2SI).

The Victorian government allocated $1.2 million for a targeted program in March to end long-term homelessness following a pilot of J2SI, agreeing to contribute a third of the overall $3.69 million cost of the three year program.

A SIB is a partnership with government, the social services sector and investors to create positive change for communities and individuals and has been used worldwide to address complex social issues.

SHM said unlike traditional SIB capital raising, a portion of the funds would be sought from philanthropy.

SHM general manager of business, Catherine Harris told Pro Bono News that the SIB was “departing from the standard capital raising process”.

Click here to read more.