The Andrews Labor Government has joined forces with Sacred Heart Mission to develop a new approach to tackle chronic homelessness and support vulnerable Victorians.
Minister for Housing Martin Foley today launched Victoria’s first Social Impact Bond – enabling investors to fund new social issues programs and enhance existing services.
The Labor Government and Sacred Heart Mission have signed an Implementation Agreement allowing for an expansion of the Journey to Social Inclusion (J2SI) program.
The J2SI program has seen participants maintain long-term, stable accommodation and reduce their interactions with health services.
The expanded program will be rolled out over three years, commencing in August 2018.
Sacred Heart Mission will speak to investors over the next few months about providing guarantees for the bond, which will see investments in rapid access to housing and long-term intensive case management for 180 Victorians sleeping rough.
The program will focus on helping people access stable housing, gain training and employment, and establish stronger social connections.
The bonds would complement other Victorian Government programs and would not replace existing services.
The Government is tackling homelessness and rough sleeping through the $9.8 million Towards Home project and $50 million Rapid Housing Assistance program.
For more information on social impact bonds in Victoria, visit dtf.vic.gov.au/socialimpactbonds
Quotes attributable to Minister for Housing Martin Foley
“This collaboration between government, Sacred Heart Mission and private investors is an absolute game-changer to tackle chronic homelessness.”
“The Journey to Social Inclusion pilot programs have already had promising results – helping Victorians maintain housing and reduce their contact with health services.”
Quote attributable to Treasurer Tim Pallas
“Social Impact Bonds are an innovative way to reduce deep-seated disadvantage in our communities and relieve pressure on our social services.”