Pass Pay for Success (RI H5788/S0371)
Join us in supporting the Rhode Island Pay for Success act, House bill H5788 & Senate bill S0371.
Pay for Success is an “outcome-based funding" that will enable our government to achieve measurable results for those experiencing homelessness by bringing investors and quality service providers (such as RI Coalition to End Homelessness) together to use evidence based and proven methods of saving money and ending homelessness.
Pay for Success will bring close to 1 million dollars in federal funding to the state and utilize 125 Permanent Supportive Housing vouchers for chronically homeless individuals over the course of four years. The Department of Housing and Urban Development has already awarded our state grant funding to implement this intervention, but we can't move forward without the General Assembly's approval.
Pay for Success transfers risk from the public to the private sector while achieving a meaningful impact. Investors will provide upfront capital to scale up the work of service providers, once the project achieves its pre-defined social outcomes the government repays investors.
Many chronically homeless individuals are high utilizers of the healthcare, homeless shelters, and the criminal justice systems. The state of Rhode Island spends up to $7.5 million dollars each year on costs incurred by high utilization of these resources. By intervening with permanent housing and access to case management & other critical resources, RI could see an estimated annual savings of up to $2.6M in total—just from permanently housing 125 people!
Most importantly, Pay for Success can provide the best possible path for our neighbors in need to find stable housing and rebuild their lives.