Norton Rose Fulbright has successfully advised Sacred Heart Mission Inc (SHM) in relation to the Victorian Government's first Social Impact Investment. SHM is a community and aged care service provider in Melbourne with expertise in addressing underlying causes of long-term homelessness and disadvantage.
The Social Impact Investment is aimed at enabling SHM to expand its award-winning Journey to Social Inclusion Program (J2SI Program), following the program's pilot in 2009-2012. The J2SI Program is a relationship-based, trauma-informed program to help end the cycle of chronic homelessness, taking a housing-first approach. It is designed to provide a solid foundation for individuals to manage health, drug and alcohol issues and build essential skills to be part of the community and contribute to society.
The expanded J2SI program is expected to be delivered to 180 homeless individuals over the next three years, commencing in August 2018. Under the investment structure, SHM and investors will receive payments if specific outcomes are achieved. These outcomes will be evaluated at key stages throughout the duration of the J2SI Program.
Norton Rose Fulbright banking and finance partner in Sydney, James Morris, commented:
"We are thrilled to have assisted Sacred Heart Mission Inc to fund the expansion of their innovative J2SI program through a social impact investment, the first of its kind with the Victorian Government. Social impact investments enable government and non-government organisations to work together to address key issues affecting society. As lawyers and as a firm more generally, it is rewarding to have an opportunity to use our skills to help make a real difference in this important area."
The team from Norton Rose Fulbright's Sydney Office was led by James Morris (Partner) with assistance from Stephanie Barnes (Special Counsel), Gareth Munnick (Senior Associate), Michelle Lee (Associate) and Timothy Chan (Lawyer).