DENVER – On Wednesday, Denver city leaders and several nonprofits announced the launch of a new pay-for-success supportive housing program that will help 125 people experiencing chronic homelessness.
City officials say the Denver Housing to Health (H2H) Program will build off the success of the Denver Social Impact Bond by leveraging local housing resources, impact investment dollars, and up to $5.5 million in the form of a Social Impact Partnership Pay for Results Act (SIPPRA) grant from the U.S. Department of Treasury to house individuals while reducing taxpayer expenses.
“Investors are funding our providers, WellPower and Colorado Coalition for the Homeless, to provide the services, including housing, and to reach the success measurement of housing stability, healthcare savings, and jail reduction,” Denver Chief Housing Officer Britta Fisher said.
Fisher said funds from the U.S Department of Treasury and the City of Denver will be used to pay back the investors.
“They get a return on their investment,” Fisher said. “Our most recent social impact bond saw that it was remarkably successful, with really almost 80% still housed after three years.”
Fisher said every Denverite deserves housing and this program will bring the city one step closer to making "housing for all" a reality.
