The latest social impact report for the Homelessness Property Funds managed by Resonance with homelessness charity St Mungo’s has been published.
Three property impact investment funds have been set up so far, with the same social purpose: to help people at risk of homelessness to become more independent, linking stable housing to positive development in other parts of their lives.
Capital raised across all three funds was £194m at the end of March 2019. £170m has been used to buy 723 properties that are housing 1,598 people, including 796 adults and 802 children.
Once money is invested, Resonance identifies, purchases and refurbishes properties in London, Bristol, Oxford and Milton Keynes before they are handed over on leases to St Mungo’s. At this point, the Real Lettings team (the St Mungo’s social lettings agency) arranges for tenants to move in. Real Lettings also support tenants to budget effectively, maintain their homes, progress employment opportunities and improve their networks with family and friends.
In particular, in this year’s report, three themes have emerged that are significant in understanding the impact of the Funds:
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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