New York State SIB
SIB Details
| Location | United States, NYS |
| Commencement date | Dec 2013 |
| Savings area | Recidivism, employment |
| Bond Amount | US$13.5m (2 tranches) |
| Bond terms (years) | 5.5 years |
Intervention Program
| Program description | Job training; life skills training; transitional employment; retention support. |
| Treatment duration | 4 years |
| Target population | Recently Released prisonsers from NY State who are at least 17 years 10 months old. |
| Intervention cohort | 2,000 individuals from target population. |
Outcome Measurement
| Metric | Number of bed days (number of days a person spends in prison) between initial release and end of observation period. Positive earnings in the fourth quarter following release from prison. |
| Counterfactual | Randomise control trial. |
| Outcome Calculation and Target | % reduction in recidivism and increase in employment compared to randomized control group. Target: 8% reduction in recidivism and/or employment increased 5 percentage points. |
Contracting parties
| Government Agency | New York State & US Department of Labour |
| Service Provider | Centre for Employment Opportunities |
| Intermediary | Social Finance and Bank of America Merrill Lynch |
| Evaluator | Chesapeake Research Associates |
Investor details
| Returns | Recidivism reduction: <8% – 90% principal lost 8% – breakeven ? – 12.5% IRR (max) |
| Capital protection | 10% principal protection provided by Rockefeller Foundation |
Useful links
Download the New York State SIB project summary (External link to NY.gov, PDF, 794KB)
