TITLE
RESOLUTION DIRECTING MAYOR OR MAYOR�S DESIGNEE TO CONDUCT FEASIBILITY STUDY ON USING SOCIAL IMPACT BONDS AS A MECHANISM TO FINANCE SOCIAL SERVICE PROGRAMS; AUTHORIZING THE MAYOR OR MAYOR�S DESIGNEE, IN CONSULTATION WITH THE HOMELESS TRUST, TO SELECT ONE OR MORE TECHNICAL ASSISTANCE ENTITIES TO SUPPORT THE COUNTY IN CONDUCTING THE FEASIBILITY ANALYSIS; AUTHORIZING THE MAYOR OR MAYOR�S DESIGNEE TO APPLY OR ENDORSE APPLICATIONS FOR FUNDING OR OTHER TECHNICAL SUPPORT RESOURCES IN FURTHERANCE OF CONDUCTING FEASIBILITY ANALYSIS; AND DIRECTING MAYOR OR MAYOR�S DESIGNEE TO PREPARE A REPORT RELATED TO SUCH PROPOSED FINANCING FOR CONSIDERATION BY THIS BOARD WITHIN 120 DAYS AND INCLUDE RECOMMENDATIONS IN REPORT TO THE BOARD

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WHEREAS, �Social Impact/Pay For Success� Financing (�Social Impact Financing�) is a mechanism designed to raise private-sector capital to expand effective social service programs based on the concept of pay for success contracts which allow governments to pay only for results; and
WHEREAS, Social Impact Financing is a method of financing, being adopted by cities and states, in which philanthropic and private risk capital are used to fund preventive programs that have been proven to produce real results, while also reducing the financial and societal costs associated with addressing the problem; and
WHEREAS, Social Impact Financing has been noted as a way to foster innovation in social services by reducing the risk to taxpayers that they will be funding ineffective programs; and
WHEREAS, Social Impact Financing programs have varied from Chicago�s Early Childhood Education intervention to increase school readiness, improve literacy and reduce special education utilization to Denver�s efforts to deliver Housing First permanent supportive housing intervention to reduce costs to public systems resulting from chronic homelessness; and
WHEREAS, the overwhelming community need to fund basic social services and address social problems has placed constraints on the funding of promising preventative programs; and
WHEREAS, if feasible, Social Impact Financing would assist the County in addressing the social service needs which are currently unfunded or underfunded; and
WHEREAS, permanent supportive housing is a combination of housing and services designed for people with serious mental illnesses or other disabilities who need support to live stably in their communities (�Permanent Supportive Housing�); and
WHEREAS, certain Permanent Supportive Housing programs use a rapid access to housing with minimal preconditions intervention model (�Housing First�) to serve people experiencing homelessness; and
WHEREAS, the initial Social Impact Financing feasibility analysis will research the feasibility of using social impact bonds to finance a Permanent Supportive Housing program in the County using a Housing First intervention model to address chronic homelessness and reduce costs to the health, crisis response and criminal justice systems; and
WHEREAS, the Miami-Dade County Homeless Trust has authorized its staff and consultant to participate in any County effort to perform a feasibility analysis of Social Impact Financing and how it can be used to reduce chronic homelessness as well as to apply, or endorse applications, for funding or other technical support in furtherance of such feasibility determination; and
WHEREAS, evidence-based innovative programs subject to success with Social Impact Financing will require inter-agency and cross-system coordination and collaboration,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The foregoing recitals are incorporated in this resolution and are approved.
Section 2. This Board directs the Mayor or Mayor�s designee to coordinate with the Miami-Dade County Homeless Trust and other County and non-County agencies that assist the homeless to study the feasibility of using Social Impact Bonds to finance a Permanent Supportive Housing program in the County using a Housing First intervention model to address chronic homelessness and reduce costs to the health, crisis response and criminal justice systems and develop recommendations for next steps to accomplish an initial pilot project.
Section 3. The Mayor or Mayor�s designee, in consultation with the Homeless Trust, is authorized to select one or more technical assistance entities to support the County in conducting the feasibility analysis and to assist it in developing recommendations. Such entit(ies) must have demonstrated prior and ongoing experience in providing technical support to all phases through ramp-up of Social Impact Financing projects: ability to identify strong, evidence-based models targeting chronic homeless high users of public systems that have a high likelihood of success in the Social Impact Financing implementation phase, project coordination and management across multiple systems, financial modeling and estimation of return on investment (ROI) and cost-benefit analysis, program design and evaluation methodology, marketing the project to potential investors, capital raising, and developing contracts and supplementary documentation and ability to successfully transition a project into implementation using ramp-up activities.
The use of County funds for such technical support is not authorized under this Resolution. The Mayor or Mayor�s designee is authorized to apply, or endorse applications for funding or other technical support resources in furtherance of conducting feasibility analysis and developing recommendations.
Section 4. The County Mayor shall submit and present a report setting forth the feasibility analysis and recommendations to this Board within 120 days from the effective date of this resolution.