Social impact bond to address homelessness

Two South Australian homelessness services, Hutt St Centre and Common Ground Adelaide, have been selected by the South Australian government to deliver a program to be funded through a social impact bond (SIB). The program aims to permanently end the homelessness of at least 400 South Australians by providing intensive case management and individualised wrap-around services to address the complex personal and structural causes of homelessness.

The model for the program is based on a ‘housing first’ principle, coupling stable, affordable and quality housing with support getting to the heart of helping people overcome the issues which lead to homelessness. It also incorporates an intensive employment support program to help participants with complex needs re-engage with the workforce.

Social Ventures Australia (SVA) will provide intermediary services, including raising the funds for the SIB. “This really does present an exciting new challenge for our organisations” said Ian Cox, CEO of Hutt St Centre.

“We are looking forward to collaborating with the State Government, Common Ground and the broader homeless community to achieve fantastic outcomes for people experiencing homelessness, and are also really fortunate to have the support and expertise of Social Ventures Australia. We are proud to be offered the chance to be innovative in changing the landscape of homelessness service delivery in South Australia.”

Executive Director of Impact Investing at SVA, Ian Learmonth commented:

‘We are looking forward to working with Hutt St, Common Ground and the South Australian Government to structure a bond that both brings new money to trial this important program, and measures program outcomes in a way that will inform our understanding of what’s effective, and why, in efforts to end homelessness.’

SVA worked with UnitingCare Burnside and the NSW Government to deliver Australia’s first SIB, raising $7 million to support the expansion of the Newpin program.