The challenge
There is an acute shortage across the UK of affordable, good quality and suitable housing for people experiencing and at risk of homelessness; resulting in people being housed in expensive and unsuitable temporary B&B accommodation.
Our approach
Our investment builds on our ongoing support of Resonance’s range of homelessness property funds. The ambition is to scale this model – which has been proven to effectively transition people experiencing homelessness into private rented sector tenancies. In addition to being provided with housing, individuals and families also have access to support in order to help them maintain their tenancies, find employment or education, and set down roots in the community.
The fund
The ten-year fund invests directly into a diversified portfolio of residential properties – which will then be leased to housing providers to deliver affordable, good quality and suitable housing to address homelessness. The fund will initially focus on purchasing affordable homes in the North West of England, followed by expansion across the UK.
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Fund size
£10 million -
Big Society Capital commitment
£5 million
Key information
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Geography
UK wide -
Investment type
Property -
Fund manager
Resonance -
Investment status
Current -
Investment date
2020 -
Term
10 years
Impact
Resonance’s three existing property funds have provided safe and affordable homes for 2,533 people – including 1,242 children – in 822 properties across the UK – and raised over £200 million.
If the target to scale this fund to £100 million is achieved, we expect the fund to provide the following over the 10 years:
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Homes
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Adults and children housed
Sustainable development goals
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1: No Poverty End poverty in all its forms everywhere -
3: Good Health and Well-being Ensure healthy lives and promote well-being for all at all ages -
8: Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all -
10: Reduced Inequality Reduce inequality within and among countries -
11: Sustainable Cities and Communities Make cities and human settlements inclusive, safe, resilient and sustainable
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Other investors
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Key partners