DENVER (KDVR) — Mayor Michael Hancock, the U.S. Department of Treasury, Congresswoman Diana DeGette, as well as homeless and mental health service providers announced a new pay-for-success housing program on Wednesday.

The new housing program will move at least 125 people experiencing chronic homelessness into supportive housing with wraparound services, the City of Denver said.

You can watch the announcement in the player above on FOX31 NOW.

The project is aimed at building housing stability, a reduction in the number of jail days, and reduction in emergency federal health care expenditures in a pay-for-success model, the city said.