THIS FUND IS FOR INSTITUTIONAL INVESTORS
The Resonance Everyone In fund provides an emergency response to the numbers of people sleeping rough in London.
The Everyone In initiative has been created following the rise in rough sleeping over the last year in London and the emergency action as a result of the pandemic that saw nearly 15,000 people being temporarily accommodated in hotels to protect them from the risk of COVID-19. In response, partners across the social investment sector came together to bring new capital into social investment property funds that would provide long-term housing solutions. The Mayor of London has prioritised the creation of long-term social rented homes, available at affordable rent levels.
Greater London Authority and Big Society Capital, the UK’s leading social impact investor, are the first investors into the fund, having invested £5 million and £7.5 million respectively.
The fund has partnered with leading registered social landlord and charity Nacro and will work by acquiring properties and leasing them to the charity to provide individuals who are currently rough sleeping, or in a hotel or hostel accommodation with a settled home. Additionally, Nacro has secured funding from the Greater London Authority to provide a support service for four years to the service users living in the 50 properties.
In addition, key elements of the Fund’s mission include:
- Ensuring that as few people as possible return to streets from emergency accommodation put in place during COVID-19
- Ensuring that people, particularly those who are at increased risk of severe illness, are kept safe
- Ensuring a response to those who remain or arrive on the streets who are at risk of COVID-19
- Ensuring longer-term accommodation and support solutions for those already in a rough sleeping pathway, enabling them to move on to independent living
This in turn will facilitate a freeing up of hostel spaces across London
The fund seeks to offer investors a commercial risk-adjusted return on their investment, including both rental yield and capital appreciation on properties. Risk is reduced as investors benefit from a widely diversified portfolio leased on fully repairing and ensuring ten-year leases effectively enabling our housing partners or service providers to underwrite the operational maintenance, management and void risks. Please remember if you invest in this fund, your capital may be at risk.
Resonance Everyone In aims to grow to £15 million, providing around 50 homes for over 200 people in London, during 2021.