Relates to creating the New York state social impact bond initiative

BILL NUMBER:S5523

Title of bill

An act to amend the state finance law, in relation to creating the "New York state social impact bond" initiative

Purpose or general idea of bill

To establish a statewide pilot program modeled after the NYC social impact bond project to lower recidivism and improve the lives of 16-18 year olds in New York's correctional facilities.

Summary of specific provisions

Section 1: Title

Section 2: Legislative intent; Definitions; The New York state social impact bond Task Force; Duties and responsibilities of the Task Force; Social Impact bond issuance

Section 3: This act shall take effect one year after it shall have become a law.

Justification

This bill is modeled after the pilot program written about in the New York Times in 2012. This bill will establish a statewide pilot program modeled after the New York City Social Impact Bond project to lower recidivism and improve the lives of 16-18 year olds in New York's correctional facilities. The first statewide program of its kind in the United States, this program will create financing arrangements that aim to increase funding available for preventative services through public-private partnerships. (See, http://www.mdrc.org/using-social-impact-bonds-spur-innovation- knowledge-building-and-accountability).

Prior legislative history

None.

Fiscal implications

To be determined.

Effective date

This act shall take effect one year after 1t shall nave become a law.