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Advocates hope this is the year for social financing

By Christine Stuart

HARTFORD, Conn. – Government budgets may be shrinking and demand for social services may be growing, but a group of investors and advocates believe they’ve come up with an answer that addresses some of society’s problems and doesn’t cost taxpayers a dime.

They’re called social impact bonds.

The first Connecticut agency to take advantage of the bonds is the Department of Children and Families. Last week, the DCF released a request for proposal to provide “cost-effective services for families involved or at risk of becoming involved in the child protection services system and who are impacted by substance use.”

DCF is working with the Harvard Kennedy School Social Impact Bond Technical Assistance Lab to find investors for the project that will help prevent parents with substance abuse problems from losing their children. By avoiding the cost of a child entering the system, the state saves money and investors will see a return on their investment if that goal is achieved.

See the complete story at CT News Junkie.

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