Social Impact Bonds and Homelessness: A Review of the Literature.

Funding for homelessness services in Australia has traditionally been based on short-term contracts centred on specific outputs, rather than outcomes. However, social work research has suggested that lengthier projects with individualised responses are needed, and longer-term funding is required to align with this need. Consequently, social impact bonds (SIBs), a new method of funding programs for longer time periods, have emerged, shifting the focus away from crisis management and towards prevention by assessing service usage and savings associated with a reduction in service usage. This approach relies heavily on funding from the private sector and is conditional on services meeting specific outcomes within a time frame. It is important for social workers to understand this new funding model and its implications for social policy, as well as to critically understand its alignments with social work values and purpose. This article has reviewed literature on the outcomes of homelessness interventions and how these outcomes may inform SIB investment in future. IMPLICATIONS SIB funding has the capacity to facilitate longer term programs. SIB funding has the potential to address the largely individualised presentation and support requirements for people experiencing homelessness. Social workers need to understand SIB structures and their potential to leverage sustainable longer-term funding, but also understand tensions such as how SIBs contribute to the movement of social welfare funding towards a more neoliberalist model. [ABSTRACT FROM AUTHOR]