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Project Welcome Home has received $6.9 million in upfront funding from private and philanthropic funders. Funders include The Sobrato Family Foundation, The California Endowment, The Health Trust, The Reinvestment Fund (TRF), Corporation for Supportive Housing (CSH), The James Irvine Foundation, and Google.org. Laura and John Arnold Foundation will provide key support for the project’s evaluation. As part of the upfront funding, Abode has also committed $500,000 of deferred service fees as additional investment in the project. Through this Pay for Success model, funders will only be repaid based on Abode’s success in assisting participants in achieving continuous stable housing.
"The Sobrato Family Foundation’s participation in this project signals our support for keeping individuals and families permanently housed and connected to their communities,” said Rick Williams, CEO of the Sobrato Family Foundation. “We also support Pay for Success as an innovative funding strategy that creates a pathway for private investors to participate in efforts to improve their communities while making a social and financial return.”
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