Rikers Island: the first Social Impact Bond in the United States

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Abstract

In August 2012, Goldman Sachs Bank?s Urban Investment Group (UIG) announced the first social impact bond (SIB) in the United States, a $9.6 million loan it would make to support the delivery of therapeutic services to 16- to 18-year-olds incarcerated on Rikers Island. The loan will be repaid based on the actual and projected cost savings realized by the New York City Department of Correction as a result of the expected decrease in recidivism. This unique public-private partnership between the City of New York, MDRC, the Osborne Association, Bloomberg Philanthropies, and Goldman Sachs leverages high-quality nonprofit capacity, private-sector capital, and philanthropic support to address a pressing community challenge.

Source: resolved

Document Metadata

Issuer: Community Development Investment Review
Document Type: Research / Academic Paper
Publication Year: 2013
Retrieved: 5 May 2026
Record ID: XF5YUDCEPZ
Validation: Inferred by XFID

Topics

Impact InvestingSocial Bonds

Cited by (1)

Other RESEARCH documents in the registry that cite this work.

Environmental Impact Bonds: a common framework and looking ahead (2021)

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Community Development Investment Review (2013). Rikers Island: the first Social Impact Bond in the United States. XFID: XF-5YUDCEP-Z. Retrieved from https://xframework.id/XF5YUDCEPZ

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