John Williams, Resonance’s Investment Director and Head of Property Funds shares some key findings from the publication of our latest Homelessness Property Funds Social Impact Report.
I am delighted that our latest social impact report, in partnership with St Mungo’s Real Lettings, has now been published. It covers the year of operation from April 2019 to the end of March 2020.
The report focuses on our three homelessness property funds:
Capital raised and invested across all three funds since launch was c £200m at the end of March 2020, which translates to 813 properties purchased so far. 714 are occupied and were housing 1,756 people, 893 adults and 863 children, at the end of the financial year.
And at 31 December 2020, 2,610 tenants have been housed by the funds: 1,326 adults and 1,284 children.
With over 93,000 households in England currently living in unsuitable and expensive temporary accommodation, and over 1 million people on the waiting list for social housing, the need for affordable housing is critical – and sadly, set to grow.
The way the funds work is that Resonance buys properties and refurbishes them to a high standard, whilst Real Lettings manages the tenancies and supports tenants, working with other partners to help them access services and become part of local communities. Finance to buy the properties is provided by socially motivated investors. And rent from the properties, a large proportion of which comes from Local Housing Allowance (aka Housing Benefit), pays St Mungo’s and Resonance, and provides a yield to the investors.
Some key findings from this year’s report:
Of particular note is that the number of children housed by the funds has now reached 863, almost half of the total number of people housed by the funds. The fact that families are a major beneficiary of the Fund’s homes is an important additional impact. Providing families with quality, stable and affordable housing - as opposed to temporary housing - is a hugely positive factor in the development and wellbeing of children and young people.
More information about Resonance’s Homelessness Property Funds can be found here.
You can also read about our recently launched homelessness property funds:
Women in Safe Homes - for women at risk of homelessness due to domestic abuse, having experience of the criminal justice system or having other complex needs
National Homelessness Property fund 2 - for people at risk of homelessness in the Greater Manchester region initially, before expanding nationwide
Resonance Supported Homes Fund - for people with learning disability, autism or mental health needs living in unsuitable accommodation
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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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