"Enabling local authorities to tie funding to results for a portion of their formula funds and supporting state efforts to assist them is important for several reasons. First, it means that at least some scarce federal dollars will be paid out only when results are achieved, ensuring that these funds go to programs that work and not to those that do not. Second, by opening eligibility to new programs not currently supported by workforce legislation, the WIOA embraces innovation by expanding support to new providers with strong track records that would otherwise be shut out of the federal system."
On behalf of America Forward, I authored an op-ed on Pay for Success (or Social Impact Bonds) which was published on TheHill.com today. Please click through to the link to read the entire piece:
Deborah Smolover is Executive Director of America Forward, a nonpartisan policy initiative of New Profit Inc.