HOMELESSNESS PAY-FOR-SUCCESS PARTNERSHIPS: REQUEST FOR PROPOSALS

Homelessness is a major issue in Canada, affecting 200,000 people every year and costing $7 billion to the economy. In 2014, The MaRS SIB Advisory Services team and partner Social Finance Ltd determined that an alternative funding mechanism could help mobilize capital to address homelessness in Canada. We released our findings in a report titled “Housing First Social Impact Bond Feasibility Study”. By combining performance-based payments and private investment, social impact bonds have the potential to improve results, overcome barriers to social innovation, and encourage investments in cost-saving preventive services. Now that the concept feasibility is established, the next step is launching a homelessness SIB.

With the support of the United Way Innovation Fund, the MaRS SIB Advisory Services team is offering pro bono technical assistance to potential outcome payers.

The successful proponent(s) will receive pro bono technical assistance to steward the development of a pay for success project in the area of homelessness. This assistance seeks to address the barriers that are currently impeding efforts to fund on the basis of outcomes and with the use of impact investing.

WHO SHOULD APPLY

Any Canadian entity or partnership (including all levels of government, foundations, or corporations) with:

• Interest in some of the following:

o   Improved social outcomes for the homeless and mentally ill in Canada

o   Innovation in social service delivery

o   Innovation in public-private partnership models

o   Funding preventive programs that could potentially have significant positive economic benefit to government and society

o   Procurement on the basis of outcomes

o   Mobilization of private investment capital for public good

• Intent to execute a deal after completion of the development phase
• Financial capacity to pay for outcomes
• Willingness to work collaboratively with social service delivery organizations and investors

Following the submission deadline, applications will be reviewed and evaluated. Interviews with shortlisted candidates may be conducted.

For more information please visit the The MaRS SIB Advisory Services site or email Samer Abughannam at sabughannam@marsdd.com. In order to apply, please review the Housing First Social Impact Bond Feasibility Study, download & complete this form and return it to cii@marsdd.com.

Deadline for submission: April 27, 2015 at 5 PM (EST)