Aspire Social Impact Bond
|Primary impact area||Impact area||Geographic location of impact||Investment commencement||SDG alignment|
|Social||Housing & Social Real Estate||
Adelaide, South Australia
The Aspire Social Impact Bond is Australia’s first SIB targeting the complex issue of homelessness.
Homelessness is not a choice. It is estimated that each year over 12,000 South Australians become homeless.1
Those people that do not resolve their homelessness within a short time are at risk of significantly impacted health and wellbeing and a reduced ability to maintain employment and social connections. Additionally, South Australian Government analysis in 2016 determined that the average cost to Government of an adult experiencing homelessness in South Australia is approx. $20,500 each year.2
Paths that lead people into homelessness are complex and personally unique, but recurring causal themes include people exiting out of home care, experiencing financial difficulties, mental illness and domestic violence.
The Aspire program is an innovative service model developed by Hutt Street Centre that draws on lessons from across the world, and more than a half century of local experience in supporting vulnerable people.
The Hutt Street Centre partners with the South Australian Government and community housing providers, to provide a ‘housing first’ intervention model for people who are experiencing homelessness or at risk of homelessness, aged between 18-55, who have been homeless for three of the last 12 months, or are leaving prison or hospital and at risk of being homeless. The Aspire SIB runs over 7.75 years.
The Aspire program works with people over a three-year phased program, to establish stable housing, assistance in securing stable accommodation, job readiness training, pathways to training, employment and life skills development. During this time it helps those in the program to increase employment and social connection and to sustain tenancies.
By the end of the third year of the program (June 2020), 430 people were enrolled, and 335 people in the program were actively participating.
By 30 June 2020, 238 people had been placed in housing from the 387 housing offers that have been made to Aspire participants, representing a 61% tenancy conversion rate.
Participants are also able to work with Engagement Navigators, who support participants with activities such as volunteering, work related tickets and qualifications and attending employment opportunities, community activities and general wellbeing support.
Overall, Aspire is achieving a significant reduction in the utilisation of hospitals, justice services and emergency accommodation by participants and demonstrating that this innovative approach is making a difference to people experiencing chronic homelessness.