Social innovation financing.

Existing law, until January 1, 2022, establishes the Social Innovation Financing Program to award grant funding to 3 counties to reduce recidivism through contracts between the government, private investors, and service providers pursuant to which private investors agree to provide financing to service providers to achieve social outcomes agreed upon in advance, and the government agency agrees to pay a return on the investment to the investors if successful programmatic outcomes are achieved by the service provider. Existing law, upon appropriation by the Legislature, requires the Board of State and Community Corrections to issue grants in an amount of not less than $500,000 and not more than $2,000,000 to each county selected, up to a maximum of $5,000,000. This bill would establish the Social Innovation Financing Program of 2018. The bill would require the board to select 3 counties to receive funding and would require the board to issue grants in an amount of not less than $300,000 and not more than $2,000,000, up to a maximum of $5,000,000. The bill would repeal the program as of January 1, 2025.