We have exciting news to share about a new public-private partnership that will house individuals who are chronically homeless while saving taxpayers millions of dollars. Through this "Pay for Success" project, Abode Services will have a unique opportunity to demonstrate, on a regional and national stage, how effectively we can end homelessness for the most vulnerable individuals in our community.
It is my great pleasure to inform you that Abode Services has been selected as the Lead Agency in an innovative “Pay for Success” program.
Through this new public-private partnership, we will have a unique opportunity to demonstrate, on a regional and national stage, how effectively we can provide homes for individuals who are chronically homeless while saving taxpayers millions of dollars.
I’m writing today to share this news with you personally, and to let you know why I’m so excited about this program and what it will mean for some of the most vulnerable people in our community.
About Pay for Success
Through this new Pay for Success program, a partnership with Santa Clara County, private and philanthropic investors will offer up-front funding to enable us to provide housing and services to people who are chronically homeless and frequent users of expensive emergency services. When these individuals leave crisis and stabilize in housing, the overall cost to the County for their services will be greatly reduced.
This program will save public money, and allow investors to recoup their investments with moderate interest – all while solving a major humanitarian and social crisis.
Pay for Success offers a new approach to funding social programs – one that focuses not just on the activities a service provider offers, but on the impact those activities make on the lives of people in need. This program will be the first on the West Coast and one of only a handful of similar programs across the country. It is the first in the nation to address chronic homelessness.
Why This Program Matters
What makes this Pay for Success model so exciting is the opportunity it provides Abode Services to show what we can do. We know what approaches help people out of chronic homelessness – putting them in safe, stable housing, and providing them the services they need to remain housed, from health care and counseling to help finding a job or reconnecting with family. We’ve spent the last decade and more focusing on housing as the best solution to homelessness and developing our expertise.
Through this new Pay for Success program, we’ll have an opportunity to share with the County, private investors, and the public at large how well our approaches to ending homelessness are working. I am confident in our ability to meet and exceed our success measures, and to work with the County and other stakeholders to make this program a model in helping vulnerable people back into housing – a model that will win nationwide attention for the work we do here at home.
Over the next several months, we will lay the groundwork for launching the program in the spring of 2015. We will work closely with the County to establish success measures, and to identify and engage private investors who want to be a part of this exciting project.
I look forward to keeping you informed as the start date for this project approaches. This opportunity was only possible because of your past support for our programs, and your commitment to helping us grow into one of the Bay Area’s most effective providers of housing services.
Thank you for this past support, and for your continued friendship as we move forward with this new initiative. Together, I know we can – and will – succeed in ending homelessness in our community.
Louis Chicoine, MSW