OH HB701

Establishes the social impact bond fund in the state treasury consisting of appropriated funds and federal funds, administered by the Department of Rehabilitation and Correction

Allows the department director to transfer up to 5% of total departmental appropriations to the social impact bond fund annually, subject to controlling board approval

Creates the social impact bond program enabling the department to enter multi-year contracts with individuals or entities to achieve social impact goals, such as lowering recidivism rates of offenders released from state correctional institutions

Requires contracts to include performance targets measured against Wisconsin, Illinois, Indiana, and Michigan benchmarks, with Ohio's improvement required to exceed the average improvement of those states during the same period

Mandates contracts specify evaluation processes, payment procedures upon target achievement, and maximum compensation amounts for each performance target