National Homelessness Property Fund helps house 578 people and rising…
At the end of December our National Homelessness Property Fund (NHPF) reached £45m and we have now closed it for new investments.
NHPF was launched in 2015, off the back of the success of Real Lettings Property Fund1, and has been buying and refurbishing properties, across three cities – Oxford, Milton Keynes and Bristol, all areas of the country where there is a desperate need to support those who have the risk of homelessness hanging over them.
Resonance has worked with these Local Authorities to help ease their housing shortage, as well as working with charities and social enterprises in those areas who are able to offer support to those needing housing.
The first tenants moved into their new homes in June 2016, and we now have over 223 properties and have housed 578 people, mostly families with children.
The Fund operates in conjunction with St Mungo’s, who are also the key partner in the Real Lettings Property Funds, that operate solely in London. St Mungo’s support tenants who are ready for independent living but who struggle to access the private rented market and are often therefore stuck in hostels or expensive bed and breakfast accommodation. The support includes assistance to get into work, set down roots in the community and to save for a deposit so that tenants can eventually move into the private rented sector with a track record of maintaining a tenancy.
John Williams, Investment Director at Resonance said “we are delighted with the success of NHPF, it has housed over 550 people to date, including 281 children. It has also proven a very popular investment fund for investors, who have ranged from Foundations, through to high net worth Individuals, through to local councils themselves. The largest investment into the Fund, was from Big Society Capital at £15m.
The Fund has received significant investments from all three local councils where it operates. For example, Bristol City Council invested £10m into the Fund.
The Fund continues to deploy in the three cities and help even more people out of homelessness. We would like to take this opportunity to thank all our investors into the Fund.”
The Real Lettings Property Fund2 (RLPF2) remains open for investment. As with the previous Property Funds, RLPF2 buys homes to let to St Mungo’s to house homeless individuals and families across London. RLPF2 currently has £94m of funds under management and has just completed on its 200th property.
For more information about our Property Funds please contact John Williams – firstname.lastname@example.org