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New Proposal To Help Homeless In Denver
9News
Denver Mayor Michael Hancock’s office is pushing a new plan to try and help those who are chronically homeless in the city. There are an estimated 800 people in Denver considered “chronically homeless” — on the streets for more than three years, along with being in and out of jail, emergency rooms and detox centers.
“This is a population that is a very heavy user of the criminal justice system and the social safety net system,” said Denver Chief Financial Officer and Deputy Mayor Cary Kennedy.
Dealing with the chronically homeless costs the city an estimated $7 million a year. Now, though, the mayor’s administration says a new plan could help the city save that money and Denver taxpayers won’t have to pay for it.
“We will use investor funding,” Kennedy said.
It’s called a “social impact bond” program or SIB, but it’s not really a bond. Here’s how it works: the city would sign a five-year contract with an investment group. That group will put up more than $8 million for Denver to target 250 of the toughest homeless cases.