Goldman-funded plan serves 1,500 jailed NYC teens

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Associated Press

Posted on December 18, 2013 at 1:02 AM

Updated Wednesday, Dec 18 at 1:02 AM

NEW YORK (AP) — A Goldman Sachs-funded effort to reduce recidivism among New York City teens has served about 1,500 jailed young people in its first year.

Nonprofit research group MDRC released its review of the nation's first-ever social impact bond Wednesday.

Last year, Goldman made a $9.6 million loan to provide behavioral therapy to 16-, 17- and 18-year-old offenders in the city's Rikers Island jail complex. Thousands of adolescents are admitted there every year.

The report says an overall reduction in future jail days of 11 percent or more will provide a return above the initial investment. Goldman stands to make as much as $2.4 million if a review shows the first group of teens' reoffending rate declines at least 9 percent from a control group.

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