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Social Impact Bonds (AKA Pay for Success) are a unique type of performance-based contract where private and/or philanthropic lenders invest funds to accomplish a specific objective and are repaid based on whether the program achieves its goals.
In 2016, the City and County of Denver and eight private investors closed on the city’s first SIB program, an $8.6 million investment to fund supportive housing for people who were homeless for more than a year and were frequently involved in the criminal justice system. An additional $15 million in federal resources are being leveraged over five years. Based on the SIB contract, the investors provided funding to support the program. If the program meets the goals of housing stability and decreased jail stays, the city makes outcome payments to the investors. If the program does not meet its outcome goals, the city does not repay the investors. Read more…
Ken Weil has been involved in the creation and implementation of Denver’s SIB. Join us in this Lunch and Learn to learn more about the program and its outcomes.
Ken Weil is co-founder and Principal of Social Impact Solutions (SIS). SIS develops and implements new financial models to accelerate the growth of highly-effective social programs including the use of Pay for Success (PFS) financings.
Previously Ken served as the regional Executive Director of College Summit where he led successful efforts to increase the number of students from low income communities going to college. Prior to joining College Summit, he was the CEO of Denver Forward, the organization responsible for Mayor Hancock’s transition to office.
Ken was Chair of the successful Ritter for Governor campaign before serving as the Governor’s Deputy Chief of Staff for Policy and Initiatives. He was also the founder and President of Rose Biomedical Research and Rose Biomedical Development Corporation. Before his years at Rose, he was a policy advisor to former Governor Richard Lamm.