; and (iii) if applicable, investors to assist in funding the delivery of the intervention. (2) Social impact bond project The term social impact bond project means a project that finances social services using a social impact bond model. (b) Purposes The purposes of this title are the following: (1) To reduce poverty among parents and children. (2) To improve the lives of families and individuals in need in the United States by funding social programs that achieve real results. (3) To ensure Federal funds are used effectively on social services to produce positive outcomes for both service recipients and taxpayers. (4) To establish programs that lessen the poverty burden families face in the short-term while fostering opportunities for families to achieve long-term success. (5) To establish the use of social impact bonds to address some of our Nation’s most pressing problems. (6) To facilitate the creation of public-private partnerships that bundle philanthropic and other private resources with existing public spending to scale up effective social interventions already being implemented by private organizations, nonprofits, charitable organizations, and local governments across the country. (7) To bring pay-for-performance to the social sector, allowing the United States to improve the impact and effectiveness of vital social programs. 402. Social impact bond application (a) Notice Not later than 1 year after the date of the enactment of this Act, the agency designated by the Council under section 202(a)(2) (referred to in this title as the lead agency ), in consultation with the Council, shall publish in the Federal Register a notice that the lead agency is seeking proposals from States or local governments for social impact bond projects in accordance with this section. (b) Requirements for social impact bond projects To qualify as a social impact bond project under this title, the services provided by the State or local government through the project must— (1) produce social benefits and Federal savings by