In July 2022, the City and County of Denver, four private investors, two grantors, and the US Treasury Department launched the Denver Housing to Health project, a pay for success project through the Treasury’s Social Impact Partnerships to Pay for Results Act program. The Housing to Health project represents an $11,750,000 investment to fund a seven-year supportive housing program with 125 units for people experiencing homelessness who have frequent interactions with both the criminal legal system and emergency health care services. The city and the Treasury will make outcome payments to investors based on the project’s goals of housing stability and decreased jail days. The Treasury will make payments at the end of the project based on net reductions in Medicaid expenditures for program participants, as measured by a randomized controlled trial evaluation. This brief details the first assessment of housing stability payment outcomes over the first six project quarters (July 2022 through December 2023).