The Department for Communities and Local Government plans to invest £5m into a social impact bond aiming to end rough sleeping in London by the end of 2012.

As part of Mayor Boris Johnson’s target to help rough sleepers in London, officers in the Housing and Homelessness Unit have been working with the Department for Communities and Local Government (DCLG), Social Finance and others on the development of a social impact bond aimed at a cohort of 650 rough sleepers in the Capital.

The DCLG has only agreed to invest into the programme on the condition that the investment is routed via a social impact bond.

The Young Foundation and Social Finance are currently seeking an expert consultant to help support the development of a model for a social impact bond to improve outcomes for some of the most entrenched rough sleepers in London.