In communities across the country, social challenges persist while resources remain stagnant or may decline. Today, more than ever, governments must find ways to smartly spend scarce dollars. Outcomes financing-sometimes called Pay For Success-has emerged as a promising way for local governments to fund what works and improve outcomes for disadvantaged communities. The Community Outcomes Fund invests in these next generation public-private partnerships that leverage private dollars to fund the delivery of high-impact services, where investors are repaid with a return based on the program achieving agreed upon outcomes. At the local level, the Fund's investments are driving dollars into evidence-based services that measurably improve economic, social, educational, and health outcomes in low-income communities. Nationally, the Fund's investments facilitate a meaningful shift in public policy to align funding with community outcomes.