In a joint initiative, the Cabinet Office and the Department for Communities and Local Governments have launched the new £15 million Fair Chance Fund to support young homeless people. Providers of services that can help move young homeless people into sustainable accommodation, education, training or employment can submit expressions of interest. Successful bidders will receive payments-by-results of up to £15,000 per individual and can bid to work with between 50 and 600 young people in projects worth £500,000 to £3 million. One of the objectives of the programme is to develop the social investment market and the level of social investment is one of the criteria that bids will be assessed on. Bidders will also be expected to work with philanthropists and/or social investors to raise the up-front capital needed to deliver the projects. It is hoped that this fund will enable 2,500 young homeless people to move into sustainable accommodation, and 1,000 of them into education, employment or training between January 2015 and December 2017.
https://www.gov.uk/government/publications/fair-chance-fund-expressions-of-interest
https://www.gov.uk/government/publications/fair-chance-fund-expressions-of-interest
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