This partnership between Resonance and St Mungo's provides private rented accommodation for people living in temporary accommodation or at risk of homelessness in London.
Focus areaSocial property
Investment amount£57 million
There are over 8,500 people sleeping rough in London and 84,740 households living in expensive temporary accommodation. There is also a lack of suitable transitional accommodation for people at risk of, or experiencing, homelessness.
Resonance and homelessness charity St Mungo's set up Real Lettings to provide affordable accommodation and support for up to two years to homeless families and individuals who are ready for independent living but struggle to access private rented accommodation.
Real Lettings leases property from the Real Lettings Property Fund for a five year term. Rental income from the properties, which is largely from housing benefit, is used to repay investors.
The Fund aims to help up to 600 people by providing around 220 properties over seven years. So far, 98% of people have sustained their tenancy for over six months and are taking care of their home. Eighty seven percent of tenants say the property has had a positive impact on their support network and relationships and 89% are either in work, education or training.
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