My Department has provided £333.5 million to date in New Homes Bonus grants to local authorities. This includes rewarding councils for an increase of nearly 137,000 homes between October 2010 and October 2011, and bringing a further 22,000 back into use. The total to be distributed in 2011-12 and 2012-13 will be £631.2 million.
The Ministry of Justice launched the world's first social impact bond in 2010, aiming to reduce reoffending among short-sentence prisoners released from Peterborough prison. The return for investors will depend on the degree of success in reducing reconvictions, up to an overall cap of around £8 million. The results for the first cohort will be known in 2014.
The Department for Work and Pensions is supporting further social impact bonds under its Innovation Fund, targeting disadvantaged young people and those at risk of disadvantage. Six social investment projects have so far been selected for support. The available funding is up to £30 million over three years from 2012.