Deadline extension for £50 million RFP for impact housing funds
In light of the current situation, Big Society Capital is extending the deadline for its Request for Proposal (“RFP”) process. Big Society Capital is seeking to invest c. £50 million in funds that can deliver better housing outcomes for people and communities in the UK.
The deadline is extended by six weeks from 3 April to 15 May.
What are we looking for?
We are interested in solutions that can tackle a wide range of social issues, including but not limited to affordable and social housing, private rented sector, urban regeneration, modern methods of construction and land use.
Proposals that are impactful, innovative and can demonstrate potential to mobilise capital at scale to provide high quality, safe and affordable housing for people in need, will be invited to the next stage of due diligence.
We always consider investments’ risk and return against three criteria on all our investments: impact on people, impact on system and financial sustainability. We will also apply the same specific requirements to evaluate eligibility of proposals submitted to this RFP, for example, we invest with fund managers and social banks rather than directly.
Why are we doing this?
Homes is one of the three focus areas of our strategy. We want to create a more inclusive housing market, providing high quality, safe and affordable homes so people can lead better lives. So far, we have invested over £90 million of our capital into housing funds that attracted more than £600 million from other investors, providing homes to over 4,000 people. We want to do more and encourage others to come alongside us because:
- Huge and growing social need: It is estimated that over 3 million new social and affordable homes are needed to solve the UK’s housing crisis. With the current shortfall in supply of housing against growing demand, the housing market is failing to meet the needs of a wide spectrum of people, resulting in problems such as rising number of homeless households and millions of private renters living in unsafe or unsuitable accommodation.
- Emerging impact-led solutions: We know that private capital can play an important role contributing to solutions that tackle these housing issues. We would like to build on our experiences investing in funds that are already showing evidence of creating a positive impact, for example, Resonance's homelessness property funds, Funding Affordable Homes Fund and Cheyne Capital Social Impact Fund; and capture new opportunities developed by fund managers such as CBRE UK Affordable Housing Fund and BMO UK Housing Fund.
- Signal to other investors that measurable impact matters: We are encouraged by the growing interest from institutional investors in impact housing funds. Through this RFP, we would like to demonstrate that clear impact intent can be translated into measurable and manageable impact. It is both achievable and desirable.
To apply, download the DDQ form below. You can use the RFP guide to help you. The deadline for responses is extended from Friday 3 April to Friday 15 May