Ambition East Midlands is a Social Impact Bond working with young homeless people in the East Midlands.
Young homeless people with complex needs sometimes fall through the net, receiving little support from existing services. Many are regarded as too difficult to help, and have an increased risk of becoming involved in crime, substance misuse and long-term benefit dependency.
Ambition East Midlands helps the most vulnerable young homeless people in the region. It offers innovative and intensive support to improve accommodation options and provide education, training and employment opportunites, delivered by P3, The Y and YMCA Derbyshire.
Ambition East Midlands is funded through a Social Impact Bond (SIB). Repayment is under a “payment-by-results” contract with the Department of Communities and Local Government, out of long-term savings to the public purse.
Over the three years of the SIB, 340 young homeless people will take part in the programme. Performance will be measured by how many young people are successfully housed and maintain a tenancy, and enter and maintain employment, education or training.
Social Investment Tax Relief has enabled us to explore new and innovative ways of tackling important social issues.
Mark Simms, Chief Executive, P3