No Success Like Failure: N.Y. Sees Social Impact Bond Pluses | The Bond Buyer

No Success Like Failure: N.Y. Sees Social Impact Bond Pluses | The Bond Buyer.

A New York City program aimed at cutting recidivism rates among Rikers Island adolescent prison inmates failed to meet its desired goal.

As a result, the city paid nothing for it.

That made the nation’s first social impact bond a success, according to city officials and others involved with the program. Under the pay-for-performance vehicle – bond is a misnomer in the traditional muni bond sense, though supporters find the buzzword catchy – the city is not on the hook.

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