DD619 Development of Social Impact Bond (SIB) for rough sleeping

As part of the Mayor’s target to end rough sleeping by the end of 2012, officers in the Housing and Homelessness Unit have been working with the Department for Communities and Local Government (DCLG), Social Finance and others on the development of a Social Impact Bond aimed at a cohort of c.650 rough sleepers in London. DCLG wish to invest £5m in London but on condition the investment is routed via a SIB. Officers in both DCLG and GLA have taken the development of the SIB as far as it can go without more expert help and concentrated work. Accordingly, a requirement for specialist consultancy services has been identified to enable the SIB to be successfully developed in time for the end of this financial year (e.g.: identifying the cohort, establishing outcomes and baselines, developing the payment metric and investor proposition, establishing a special purpose vehicle to manage the SIB, attracting investors, etc.).
The decision sought concerns the award of contract for such services.