In response to the Government’s rough sleepers ‘Everyone In’ initiative at the start of the pandemic, Resonance partnered with Nacro, a registered social landlord and national charity, to launch a new homelessness social investment property fund, Resonance Everyone In Fund (REIF). The fund has bought 60 one-bed properties, some of which, having been refurbished and furnished are now successfully housing some of the 200+ rough sleepers in London the fund aims to house.
The Government’s Everyone In scheme saw thousands of vulnerable rough sleepers successfully moved off the streets into COVID-safe, self-contained accommodation, including hotels and university student accommodation, by councils and homelessness charities across the UK. In London alone, over 6,000 people were provided with safe but temporary emergency accommodation.
The initiative saved lives and highlighted the urgent need for a long-term sustainable solution, including how to address the complex range of support needs required to assist tenants who had previously been rough sleeping. With a lack of properties in the capital it was an opportune moment for Resonance to play a part in the bigger scheme by creating a solution through REIF.
Rough sleepers in London 2020/21:
Creating and launching a social impact fund normally takes time, including up to a year in research and development. However, as Resonance and Nacro had already partnered on another of our homelessness property funds – the Women in Safe Homes fund - using this successful partnership model, we were able to provide a swift, coordinated response to the crisis. REIF was created at speed, in just a few short months, drawing on the expertise of the teams involved, despite the challenges and pressure to get the fund up and running and providing a more permanent solution to tackling rough sleeping. This solution also included the support of seed investors into the fund, including the Mayor of London (The Greater London Authority) who had prioritised the creation of long-term social rented homes available at affordable rent levels in the capital. Other investors into the fund are Big Society Capital and Barrow Cadbury Trust.
The fund’s impact
Having launched with £12.5m in seed investment in March 2021 and a £15m target, REIF quickly surpassed this, and closed with £16.5m raised in June 2021. To date
The properties have all been chosen with Nacro to ensure their suitability for each tenant and have intentionally been bought in strong communities, close to support services, public transport, local facilities, amenities and green spaces. Properties have then been refurbished, including energy saving and efficiency improvements to enhance the environmental credentials of each home before being handed over to Nacro, responsible for furnishing each property, ensuring its homeliness before people move in.
And with the four-year support funding that Nacro secured from The Greater London Authority, people housed by the fund are being provided with specialist support services, enabling them to maintain their home and tenancy, set down roots in the community, address any addiction, mental or physical health support needs they might have, and re-engage with education and employment opportunities. Following support and a period of stability, tenants will be supported to move into permanent accommodation, enabling even more people to leave the streets and create positive futures.
Mayor of London, Sadiq Khan: “A secure, long-term home should be a basic right for every Londoner, but a decade of austerity and the economic crisis created by the pandemic means far too many people have found themselves on the street or in temporary accommodation.
“My teams and their charity partners are working around the clock to help the most vulnerable people to work towards a life off the street – but this is only possible if there is high quality, affordable accommodation available at the end of their journey. The work being carried out by Resonance and Nacro will create the homes our fellow Londoners deserve and ensure they have access to the support they need to rebuild their lives.”
Campbell Robb, Chief Executive of Nacro, said: “This is a really exciting opportunity for us to help homeless Londoners move on with their lives. Having somewhere secure to live, somewhere you can feel safe, is the basis of a second chance. But it’s not just a roof over their heads we will be providing, through our dedicated support workers we will be helping people throughout their tenancy to build a better future. In these difficult times this funding is a vital lifeline for homeless people in the capital.”
Find out more about the Resonance Everyone In property fund here
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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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