National Homelessness Property Fund Social Impact Report 2016/17
National Homeless Property Fund releases first Social Impact Report
Resonance is celebrating the publication of the first annual Social Impact Report for the National Homelessness Property Fund. Already the Fund has found good quality apartments for over a hundred households, most of whom are homeless single mothers, with very young children, allowing them to move on from unsuitable environments, typically in temporary accommodation. At the same time, the investment is on track to deliver yield and capital appreciation in line with expectations making the Fund one of the leading social investments available in the UK.
Working in Bristol, Oxford and Milton Keynes with Real Lettings, a social lettings agency run by St Mungo’s, Resonance can report some key successes:
- 100% tenancies maintained for at least 6 months
- 98% homes kept in good or very good condition
- 67% of tenants fully up-to-date with bills and rent
- 78% employed or making progress towards work
- Most tenants report better support networks and feel confident in meeting new people in their local area.
Much of this is achieved through the support given by Real Lettings, helping tenants to settle in, budget effectively, maintain their homes, progress their employment prospects and improve their existing networks with friends and family. Most tenants felt more confident socially and appreciate having a stable base, important for their children’s health, development and education.
Danah, a single mother from Milton Keynes says of her NHPF accommodation “Having my own home with my children is my starting point.” She has received help in applying for jobs and would like to begin saving for her own home. “It feels like someone gave me a new life, a second chance”
There have been inevitable challenges. It is hard to find suitable employment when needing childcare. Some tenants experienced problems with neighbours. Delays in benefits payments or Universal Credit, often together with previous debts, caused financial difficulties and for others, accessing properties near their existing support networks was not possible.
Yet the benefits for tenants, local authorities, and investors have been significant which lays the foundation for expansion of Fund throughout the UK in the coming years.
We’re also publishing our fourth annual Social Impact Report for the Real Lettings Property Fund¹, a precursor for the National Homelessness Property Fund which clearly demonstrates how these Funds deliver positive outcomes to tenants over time.