Social Impact Bond Project at Rikers Island

Urban Farm DB summary

A project page for ABLE (Adolescent Behavioral Learning Experience) at New York City's Rikers Island, the first US social impact bond. Goldman Sachs invested $9.6 million over four years, backed by a $7.2 million guarantee from Bloomberg Philanthropies. The programme served 16- to 18-year-olds, a group with a recidivism rate near 50 per cent within a year and more than 200 additional days in jail over six years, against a New York City incarceration cost above $85,000 per person per year. Cognitive behavioural therapy was cited as capable of cutting recidivism by up to 25 per cent, and the payment threshold was set at a 10 per cent reduction; a pilot ran February–June 2012 and full implementation from September 2012 to August 2015, with Moral Reconation Therapy delivered by The Osborne Association and Friends of Island Academy.

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• 9.6 million_usd

  investment amount(rikers island able programme)

  EconomicsControl: backed by a $7.2 million guarantee from Bloomberg Philanthropies

  region

  United States

  year

  2012-2015

  method

  Goldman Sachs investment over four years in the first US social impact bond

• 85,000 usd

  cost per inmate per year(new york city incarceration)

  Economics

  region

  United States

  year

  null

  method

  New York City cost of incarceration per person per year, stated as over $85,000

• 50 %

  recidivism rate within one year(rikers island youth)

  Social

  region

  United States

  year

  null

  method

  historical recidivism within one year among 16- to 18-year-olds, stated as nearly 50 per cent

Direction of conclusions

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• Policy and governanceMixedWith caveats