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      Michigan will seek investors for social program

      Michigan is the seventh state chosen through a national competition to receive technical assistance from Harvard University for a social impact bond.

      LANSING, Mich. (AP) - Michigan plans to enlist private investors to finance a public social program, becoming the latest state government to try an experimental "pay-for-success" approach in tackling persistent problems such as homelessness or criminal recidivism. Michigan is the seventh state chosen through a national competition to receive technical assistance from Harvard University for a social impact bond. Also known as pay-for-success contracts, social impact bonds let private investors put up money for a program with a specific goal. If the goal is achieved, the government pays back the investors, with a profit. If not, the government pays nothing. Gov. Rick Snyder's administration is issuing a request for information to identify potential projects. Possibilities include infant mortality, early childhood development, homelessness and recidivism.(Copyright 2013 by The Associated Press. All Rights Reserved.)