New York City’s first attempt to implement a social program via the “pay for success” model failed to meet performance goals but was nonetheless hailed by officials because the experiment cost taxpayers nothing, writes The Bond Buyer, an outlet covering municipal finance.
The nonprofit-run program, launched in 2012 with a $9.6 million commitment from banking giant Goldman Sachs, aimed to reduce recidivism among adolescent inmates at Rikers Island prison by 10 percent. Originally scheduled to run for four years, the program will instead end Aug. 31 after missing its benchmark.
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