Project
| ID | INDIGO-POJ-0221 |
|---|---|
| Impact Bond Name - (Value) | Foyer Central SIB |
| Stage of Development - (Value) | Implementation |
| Social Investment Prototype - (Value) | NO |
| Dates - Date outcomes contract signed - (Value) | 2020-12 |
| Dates - Date contracts between all parties signed - (Value) | 2021-03 |
| Dates - Anticipated completion date - (Value) | 2030-12 |
| Dates - Start date of service provision - (Value) | 2020-03 |
| Dates - Anticipated end date of service provision - (Value) | 2029-09 |
| Dates - (Source ID's) | source1,source2 |
| Overall project finance - Total investment commitment - Currency - (Value) | USD |
| Overall project finance - Total investment commitment - Amount - Exact - (Value) | 7000000 |
| Overall project finance - Total investment commitment - Amount USD - Exact - (Value) | 7000000 |
| Overall project finance - Maximum potential outcome payment - Currency - (Value) | USD |
| Overall project finance - Maximum potential outcome payment - Amount - (Value) | 32600000 |
| Overall project finance - Maximum potential outcome payment - Amount USD - (Value) | 32600000 |
| Overall project finance - Configuration of the Contracting Parties - (Value) | Direct Structure |
| Overall project finance - (Source ID's) | source1,source2 |
| Purpose and classifications - Social challenge - (Value) | Supporting young people who are at risk of or experiencing homelessness to lead fulfilling lives and transition to independence |
| Purpose and classifications - Intervention - (Value) | Foyer Central is an integrated learning and accommodation centre that will support young people who have been in of out-of-home care on the path to independence. The Program will build their capacity to access resources and opportunities, connect with education, training and employment, and make positive decisions. |
| Purpose and classifications - Policy sector - (Value) | Homelessness |
| Purpose and classifications - (Source ID's) | source1,source2, source3 |
| Purpose and classifications - (Notes) | It supports the NSW Homelessness Strategy — to provide targeted housing options to prevent homelessness or chronic homelessness for high-risk groups. |
| Service and beneficiaries - Target population - (Value) | Young people who have left out-of-home care and are at risk of or experiencing homelessness |
| Service and beneficiaries - Targeted number of unique service users or beneficiaries (total) - (Value) | 272 |
| Service and beneficiaries - Unit type of targeted service users or beneficiaries - (Value) | Individual |
| Service and beneficiaries - (Source ID's) | source1,source2 |
| Delivery Locations 1: Service Provision ID - (Value) | deliverylocation1 |
| Delivery Locations 1: Location - Name - (Value) | Chippendale, Sydney |
| Delivery Locations 1: Location - Country - (Value) | AU |
| Delivery Locations 1: Lat/Lng - Lat - (Value) | -33.88673 |
| Delivery Locations 1: Lat/Lng - Lng - (Value) | 151.19745 |
| Sources 1: Id | source1 |
| Sources 1: Name - (Value) | Social Ventures Australia website visited on 05/10/2021: https://www.socialventures.com.au/work/foyer-central-sib/ |
| Sources 1: Type - (Value) | Website |
| Sources 2: Id | source2 |
| Sources 2: Name - (Value) | Email correspondence with Social Ventures Australia on 28/07/2021 |
| Sources 3: Id | source3 |
| Sources 3: Name - (Value) | Foyer Central Social Impact Bond |
| Sources 3: Type - (Value) | Report |
| Sources 3: URL - (Value) | https://www.osii.nsw.gov.au/assets/office-of-social-impact-investment/files/Uniting-Foyer-Central-baseline-report-FINAL-14072022.pdf |
| Service Provisions 1: Id | serviceprovision1 |
| Service Provisions 1: Organisation ID - (Value) | INDIGO-ORG-1259 |
| Service Provisions 1: Organisation Role Category - (Value) | Nonprofit/NGO |
| Service Provisions 1: Intervention - (Value) | Foyer Central is an integrated learning and accommodation centre. The Program will build their capacity to access resources and opportunities, connect with education, training and employment, and make positive decisions. Each participant will have a dedicated Youth Development Coach who is responsible for providing strengths-based case management support, access to support services and one-on-one coaching sessions. The Youth Development Coach will co-ordinate support across a number of development dimensions. The Foyer model is grounded in the concept of ‘Advantaged Thinking’. Advantaged Thinking is focused on identifying, developing and, most importantly, investing in the skills, capabilities and assets of young people so that they can establish good lives for themselves. |
| Service Provisions 2: Id | serviceprovision2 |
| Service Provisions 2: Organisation ID - (Value) | INDIGO-ORG-1260 |
| Service Provisions 2: Organisation Role Category - (Value) | Nonprofit/NGO |
| Service Provisions 2: Intervention - (Value) | Foyer Central is an integrated learning and accommodation centre. The Program will build their capacity to access resources and opportunities, connect with education, training and employment, and make positive decisions. Each participant will have a dedicated Youth Development Coach who is responsible for providing strengths-based case management support, access to support services and one-on-one coaching sessions. The Youth Development Coach will co-ordinate support across a number of development dimensions. The Foyer model is grounded in the concept of ‘Advantaged Thinking’. Advantaged Thinking is focused on identifying, developing and, most importantly, investing in the skills, capabilities and assets of young people so that they can establish good lives for themselves. |
| Outcome Payment Commitments 1: Organisation ID - (Value) | INDIGO-ORG-1342 |
| Outcome Payment Commitments 1: Organisation Role Category - (Value) | Government/Public Sector/Public Bank |
| Outcome Payment Commitments 2: Organisation ID - (Value) | INDIGO-ORG-1343 |
| Outcome Payment Commitments 2: Organisation Role Category - (Value) | Government/Public Sector/Public Bank |
| Investments 1: Id | investment1 |
| Investments 1: Organisation ID - (Value) | INDIGO-ORG-1261 |
| Investments 1: Investment Commitment - Currency - (Value) | USD |
| Investments 1: Investment Commitment - Amount - Exact - (Value) | 7000000 |
| Investments 1: Investment Commitment - Amount USD - Exact - (Value) | 7000000 |
| Investments 1: Maximum Potential loss - (Value) | 45% of capital |
| Investments 1: Maximum Potential Return - (Value) | 10.4% p.a maximum return. Fixed coupons of 2% p.a. for first 3 years, Performance coupons in years 4-9 which are dependent upon program outcomes. Target return 5.9% p.a |
| Intermediary services 1: Organisation ID - (Value) | INDIGO-ORG-0013 |
| Intermediary services 1: Organisation Role Category - (Value) | Impact bond design |
| Intermediary services 1: Other Role Description - (Value) | All roles, except performance management (which is the role of government) |
| Intermediary services 2: Organisation ID - (Value) | INDIGO-ORG-1255 |
| Intermediary services 2: Organisation Role Category - (Value) | Legal counsel |
| Outcome Metrics 1: Id | outcomemetric1 |
| Outcome Metrics 1: Outcome Definition - (Value) | No Negative Indicators (a conviction, live in social housing / emergency accomodation or have a child placed into out-of-home care) are recorded for an individual from their enrolment date to the end of their Measurement Period (12 months following exit from the program), and at least one Positive Indicator (maintain employment, education and/or independent housing) is recorded during their 12 months following exit from Foyer Central. |
| Outcome Metrics 1: Targeted number of service users Or beneficiaries (total) - (Value) | 272 |
| Outcome Metrics 1: Unit type of targeted Service users or beneficiaries - (Value) | Individual |
| Outcome Metrics 1: Outcome metric target - (Value) | 60% of participants (approx. 163 young people) |
| Outcome Metrics 1: Outcome validation Method - (Value) | Simple Ex-post verification |
| Outcome Metrics 1: Data source for Outcome validation - (Value) | Existing administrative data |
| Results 1: Outcome Metric Id - (Value) | outcomemetric1 |
| Results 1: Result level - (Value) | Project level |
| Results 1: Result type - (Value) | Interim |
| Results 1: Period - Start - (Value) | 2021 |
| Results 1: Period - End - (Value) | 2022 |
| Results 1: Outcomes achieved - (Value) | On average, young people completed 2.3 rostered hours per week - 61% of the 41 young people participating in accommodation coaching reached a minimum of 20 rostered hours - 34% of the 35 young people participating in education coaching reached a minimum of 20 rostered hours - ‘Community Connections’ groups had the most attendees, with 36 young people in total and 47% with at least 10 rostered hours - TAFE-related groups engaged a total of 22 young people with 68% having at least 10 rostered hours |
| Results 1: Notes | There have been lower than anticipated levels of program engagement (currently measured by rostered hours which record attendance of coaching and group activities), which are likely attributable to the impacts of COVID-19 and may limit the achievement of outcomes. It is expected that young people engage in 2 hours of coaching per week, with varying rostered hours depending on their individual life goals. |
| Results 2: Outcome Metric Id - (Value) | outcomemetric1 |
| Results 2: Result level - (Value) | Project level |
| Results 2: Result type - (Value) | Interim |
| Results 2: Period - Start - (Value) | 2021 |
| Results 2: Period - End - (Value) | 2022 |
| Results 2: Outcomes achieved - (Value) | 11 young people at Foyer Central are in rental arrears, and SGCH is working with these young people to sustain their tenancy. |
| Results 2: Notes | Key areas of improvement include continued coordination and delivery of programs, activities and supports to young people, including through external services which have been effective; further training opportunities for staff to respond to the complex needs of young people; and further refinement of trauma-informed practices. |
| Documents 1: Title - (Value) | Information Memorandum - Foyer Central Social Impact Bond |
| Documents 1: URL - (Value) | https://golab.bsg.ox.ac.uk/documents/Foyer-Central-Social-Impact-Bond-Information-Memorandum-23-December-2020.pdf |