(MENAFNEditorial)
FOR IMMEDIATE RELEASE: Contact: Robert Friant CSH
Oct. 1 2014 212-986-2966 x245
CSH Recognized As National Pay for Success Leader
WASHINGTON D.C. – The Corporation for National and Community Service’s (CNCS) Social Innovation Fund (SIF) today announced that CSH (Corporation for Supportive Housing) received $750000 in investments the results of a highly competitive open grant competition. Announced at an event co-hosted by the U.S. National Advisory Board on Impact Investing SIF and the Beeck Center for Social Impact and Innovation at Georgetown University the investment aims to advance and evaluate emerging models that align payment for social services and housing with verified social outcomes also known as Pay for Success (PFS) initiatives.
CSH will use the award to build on seed funding provided by the Rockefeller Foundation and Robert Wood Johnson Foundation to explore the potential of PFS as a tool to expand supportive housing. CSH will provide expert advice and guidance to help up to 12 communities across the country implement robust PFS models to create more supportive housing which offers affordable homes as platforms through which vulnerable people can access community-based services and stabilize their lives. CSH is pleased to have the Center for Health Care Strategies and Third Sector Capital Partners as its collaborating partners for this award. In the next several months CSH will hold its first open competition planned as part of this award to select an estimated 4-5 government and nonprofit organizations that will receive a customized package of technical assistance to build their capacity to pursue PFS pilots.
“We are grateful for the recognition and award and are eager to help build successful Pay for Success models in communities across the country” said Deborah De Santis CSH President and CEO. “It is exciting for us to see CNCS and SIF enhance the potential for productive and impactful partnerships in every corner of the country. We believe Pay for Success will be a game changer in the way housing and services are developed and delivered in the supportive housing industry and other sectors for years to come.”
According to De Santis PFS also should strengthen bonds between federal agencies and local communities and is a promising new lever changing public policy and services delivery for the better.
“Supportive housing is consistently at the top of the list of effective interventions that can be brought to scale and fully realized through Pay for Success financing. As the leader in the supportive housing industry CSH has the experience to guide communities in the use of Pay for Success as an innovative vehicle for expanding the proven data-driven solution that is supportive housing” De Santis said.
“We could not be more enthusiastic about our inaugural class of Pay for Success grantees” said Michael D. Smith Director of the Social Innovation Fund. “They represent a diverse group of highly effective organizations and social enterprises at the cutting edge of social financing and innovation. Their work will lead to one of the largest scale and most comprehensive demonstration projects of when why and how Pay for Success can be a powerful catalyst to sustain effective solutions to challenges facing communities in greatest need.”
Federal officials note the SIF is about finding solutions that work and making them work for more people. Pay for Success (PFS) is another critical tool to support this mission. In 2014 Congress approved the SIF competition to test PFS approaches. SIF will share lessons learned throughout the PFS project period in order to enhance knowledge in the field and answer questions about the effectiveness of this approach.
Five years into the initiative launched by President Obama in 2009 the SIF and its non-federal partners have committed to invest more than $700 million in effective community solutions. Including the grants announced today the SIF portfolio now represents a $243 million federal investment in partnership with 35 intermediaries in 37 states and Washington DC. This modest federal investment is expected to leverage more than $540 million in non-federal match commitments.
“The thriving community of the future will be one where business government and nonprofits work together to discover innovative effective solutions and tap new sources of capital to help these solutions grow” said Lisa Garcia Quiroz CNCS Board Chair and Senior Vice President Corporate Responsibility and Chief Diversity Officer at Time Warner Inc. “I am proud that CNCS and the Social Innovation Fund are helping to usher in this new era by providing the resources expertise and evaluation needed to catalyze action and results.”
CSH is one of only eight grantees selected nationally for the inaugural PFS grant group. This exclusive cohort will help to expand diversity in the PFS field in terms of geographic reach social issue area and approach. All of the grantees focus on PFS projects in the areas of youth development economic opportunity and healthy futures.
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