Magazine article Corrections Forum

Bank of America Raises $13.5M for N.Y. Ex-Inmate Social-Impact Bond Project

Magazine article Corrections Forum

Bank of America Raises $13.5M for N.Y. Ex-Inmate Social-Impact Bond Project

Article excerpt

Barron's

Bank of America Merrill Lynch says it has raised $13.5 million from 40 private and institutional clients for a reform initiative for former New York state inmates. The proceeds will provide training and employment programs for 2,000 newly released ex-cons in hopes of reducing recidivism. If successful, the state would save millions in incarceration and criminal justice system costs; a portion of those savings would be paid to BofA's investors, a market-rate financial return for those who helped finance the program. Social-impact bonds, or "pay for success bonds," raise private investor dollars to fund social programs that reduce public sector costs, aids society in some way, and generate fixed incomelike payouts to investors.

The BofA/New York partnership is being called the most significant social-impact bond todate globally. …

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