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It is almost as if the earth shifted a few degrees on its axis and no one noticed. The Finance and nonprofit worlds have come together to create a financing model that literally allows investors to earn a positive financial return on programs that lead to reductions in homelessness–and no one seems to care.
Salt Lake County is leading the way with a new financing vehicle known variously as “Pay For Success,” “social impact bonds” or “social impact financing.” While some will quibble over distinctions, I’ll use or quote people using these terms as if they all mean the same thing.
Jeremy Keele, who previously worked for Salt Lake County and now serves as Managing Director for the Sorenson Impact Center at the David Eccles School of Business as the University of Utah, explains how it works.
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