There are approximately 60,000 young adults aged 18-24 in England who experience homelessness each year, whose needs are often very complex. The UK Department for Communities and Local Government (DCLG) and Cabinet Office commissioned seven Social Impact Bonds as part of the Fair Chance Fund to support 1,600 of the most vulnerable young people in society to get their lives back on track. The different Social Impact Bonds help young people find accommodation, gain qualifications and move into work, and the findings will inform policy direction.
- Around 1 in 5 young homeless people have substance abuse or mental health issues, and 40% are not in education, training or employment (NEET).
- The Fair Chance Fund Social Impact Bonds aim to support those homeless young people with greatest needs, who may have been failed by other services.
- It is expected that the scheme will create significant long-term savings for taxpayers because of its impact in reducing crime, poor health and long term benefit dependency.
Social Finance is supporting Depaul to deliver the Fair Chance commissioned Social Impact Bond. It is working with 160 young people aged 18 to 24 (or aged 21 and over if they are care leavers) over three years. These young people cannot be currently housed in state supported accommodation because of a range of issues, including a history of substance misuse, mental health problems and past evictions. None of the young people are in Education, Employment or Training.
Depaul employs floating support workers in each of the four local authority areas where this Social Impact Bond is delivered (Manchester, Rochdale, Oldham, London Borough of Greenwich). These long-term relationships enable Depaul to provide tailored and flexible support, which can adjust to the different needs of the young people as they progress through the programme. The Department of Communities and Local Government and the Cabinet Office will track the sustained progress of the young people and will pay outcomes payments to the social investors if the programmes succeed in rehousing the young people, bringing them back into education to gain qualifications, or getting them to work or volunteer (full or part-time).