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Rikers Island: the first Social Impact Bond in the United States

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  • John Olson
  • Andrea Phillips

Abstract

In August 2012, Goldman Sachs Bank?s Urban Investment Group (UIG) announced the first social impact bond (SIB) in the United States, a $9.6 million loan it would make to support the delivery of therapeutic services to 16- to 18-year-olds incarcerated on Rikers Island. The loan will be repaid based on the actual and projected cost savings realized by the New York City Department of Correction as a result of the expected decrease in recidivism. This unique public-private partnership between the City of New York, MDRC, the Osborne Association, Bloomberg Philanthropies, and Goldman Sachs leverages high-quality nonprofit capacity, private-sector capital, and philanthropic support to address a pressing community challenge.

Suggested Citation

  • John Olson & Andrea Phillips, 2013. "Rikers Island: the first Social Impact Bond in the United States," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 01, pages 097-101.
    • Handle: RePEc:fip:fedfcr:00009
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    Cited by:

    1. Daniel L Tortorice & David E. Bloom & Paige Kirby & John Regan, 2020. "A Theory of Social Impact Bonds," Working Papers 2001, College of the Holy Cross, Department of Economics.
    2. Michael Gordon, 2016. "How Social Enterprises Change: The Perspective of the Evolution of Technology," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 7(2), pages 189-210, July.
    3. Andrikopoulos, Andreas, 2020. "Delineating social finance," International Review of Financial Analysis, Elsevier, vol. 70(C).
    4. Tortorice, Daniel L. & Bloom, David E. & Kirby, Paige & Regan, John, 2020. "A Theory of Social Impact Bonds," IZA Discussion Papers 13431, Institute of Labor Economics (IZA).

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