Massachusetts is reviewing applications from municipalities in a new program that would provide financing from the private sector.
The Boston Globe reports that so-called social innovation financing would allow the state to enter into contracts with service providers or third-party intermediaries who would seek funding from the private sector funding for programs and receive reimbursement from the state.
The program requires providers to demonstrate their programs are successful in juvenile justice and homelessness through data collection and performance management standards. If a program fails to achieve a predetermined success goal, the government would pay investors nothing.
Lawrence is among communities eager to participate. It was awarded an $800,000 grant through the program last year, allowing it to partner with Lowell nonprofit United Teen Equality Center to introduce its workforce training and education program to Lawrence.
This program aired on May 27, 2012. The audio for this program is not available.