John Williams, Head of Property Funds shares an update about our Real Lettings Property Fund² (RLPF²).
Resonance’s Real Lettings Property Fund² has been hugely successful in providing homes for those in temporary accommodation or at risk of homelessness and to date has housed 510 people - 237 of whom are children - in 289 properties in London.
Residential properties are acquired and refurbished in the capital where there is a desperate need to support those at risk of homelessness. These properties are then leased to Real Lettings - the social lettings agency of leading homelessness charity St Mungo’s. Real Lettings then house families and individuals who are vulnerably housed, homeless or at risk of homelessness into these safe and secure homes.
According to the homelessness charity Shelter*, more than 300,000 people in Britain – equivalent to one in every 200 – is homeless or living in inadequate housing. And in London the figure is even more bleak, with one in every 59 people homeless or at risk of homelessness. These figures however are considered an underestimate, as they don’t include individuals or families trapped in ‘hidden homelessness’ – those who have nowhere to live but are not recorded as needing housing assistance and end up ‘sofa surfing’.
Shelter’s figures show that as of April 2017, 281,000 people were living in temporary accommodation across the UK including bed and breakfast rooms, hostels or social services housing. Hundreds of individuals and families are struggling to escape the devastating impact of homelessness and the negative impact it has on their health and wellbeing. Shockingly, by 2020 Shelter predicts that more than a million households will be at risk of becoming homeless.
The RLPF² Fund currently stands at £96.5m with £86m deployed to date and has proved a very popular investment fund for institutional investors such as Local Authorities – including the City of Westminster, London Boroughs of Croydon and Lambeth - and Foundations - including Guy’s and St Thomas’ Charity and Trust for London.
The RLPF² Fund is open for investment until January 2020. Further investment will allow us to help more individuals who are in living in inadequate conditions in our capital, to escape the homelessness trap. Moving those in need into safe and secure homes means that not only are there huge benefits for the individuals and families affected, but also, Local Authorities make significant savings on the costs of temporary housing.
RLPF² is part of the Resonance Property Funds, which currently stand at £200m; housing 1,500 people in 800 properties across London, Oxford, Bristol and Milton Keynes.
*Shelter figures from 2017
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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