State Launches Pay for Success Project, First in the Nation
12/30/2013 (Updated 10:53:46 PM)Getting former prisoners back into the workforce is the goal of a new state led project.
Governor Cuomo announced Monday the launch of the Pay for Success Project, making New York the first in the nation to launch a state program to reduced recidivism.
According to the Governor's Office, private sector and foundation investors have raised 13.5 million dollars in less than six weeks for the initiative. The project, also known as the Social Impact Bond, is a contract between the government and intermediary organizations.
Investors in the program will be repaid if they reduce the the rate of employees returning to jail by 8 percent or increase employment by at least 5 percent.
The project begins this month. 2000 former inmates will be connected to intensive employment training and job placement services.
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