The Resonance Supported Homes Property Fund is being launched as a solution to the housing shortage leaving thousands of adults with learning disabilities, autism and mental health needs in need of the right housing.
This new fund, just like our portfolio of existing social investment funds which focus on tackling major societal issues including homelessness, poverty, community-led projects, health and wellbeing and education, will aim to deliver a targeted social impact and transform the lives of individuals.
The launch of this new property fund we will draw on our strong track record and experience of creating and managing social impact investment property funds
Resonance Property Funds
Our existing three homelessness property funds - in partnership with our charity partner St Mungo’s – have to date raised over £200 million providing over 800 homes across the UK for around 2,000 people in need of the right housing. Living in stable, affordable housing has a positive impact on other areas of the lives of the individuals and families housed – from their relationships and job prospects to their mental health and financial situations.
Learning Disability And Housing
People with learning disability are in desperate need of appropriate housing. Of the 1.5 million people in the UK with a learning disability 38% live with family and friends, 22% in a registered care home and only 16% in supported accommodation. And 10,000 people with learning disability are currently on social housing waiting lists – in fact Mencap reported (April 2016) that 82% of local authorities say they have a shortage of suitable housing for adults with a learning disability and 67% say that it has become more difficult for adults with a learning disability to have their housing needs met.
This means that thousands of individuals have few suitable housing choices available to them, and where they do, they remain on long waiting lists. Large numbers are being housed in local authority areas miles away from their families and friends and a high number of people are stuck living in unsuitable long-term hospital inpatient facilities (assessment and treatment units) - where personal, health and societal outcomes are very poor and individuals can become ‘institutionalised’, facing multiple barriers to discharge.
2,045 people with learning disabilities in the UK are still residing in these inpatient facilities and 1,240 (61%) have had a total length of stay of over 2 years. Many if not most, would not be living in these facilities if enough of the right supported housing was available.
This severe lack of appropriate housing has a detrimental impact on people with learning disability and means that they are disproportionately affected in terms of social outcomes. They are much more likely to experience low incomes, poverty, unemployment, social isolation and loneliness, discrimination, bullying and abuse. This in turn can negatively impact their overall health and wellbeing, leading to an increased risk of stress, ill-health, poor mental health and behaviour problems.
Everyone with a learning disability can be supported to live in their own homes within their local community. This gives them opportunities to be close to their families, participate in local activities, meet friends and be a part of the community which in turn helps improve their health, wellbeing and quality of life.
With a person-centred approach, and the right housing and support that meets the specific needs of every individual, people with learning disability and/or autism can enjoy independent living within the community and happy, fulfilled lives.
A Solution: Resonance Supported Homes Fund
The Resonance Supported Homes Fund (RSHF) offers a solution to the priority need for suitable housing for people with learning disability or autism. Its person-focused approach will see it buy, refurbish and adapt residential properties in communities across the UK to meet the specific needs of individuals. And by working in partnership with our charity partners, United Response and Reside Housing, it will not only move individuals out of unsuitable accommodation and into homes of their choice but will also allow them to be provided with the support they need to lead their lives with independence.
Properties purchased will include self-contained and multiple occupancy flats/houses/ bungalows and blocks of flats with self-contained units. This housing will meet both their physical and support needs, providing person-centred solutions allowing individuals and their families the choice to find the right solution for them.
The Fund structure will allow charity partners to scale up the provision of good support and housing in the community for this group as current property investment structures are not tailored to their needs.
Tim Cooper, Chief Executive of United Response, one of the charity partners to the fund said: “We all need a place to call home, this Fund will make this a reality for many more people with a learning disability, autism or mental health condition.”
Greater Manchester Combined Authority has committed £5m to the RSH Fund from the Greater Manchester Housing Investment Loans Fund enabling us to provide quality affordable specialist accommodation for people with learning disability in the region.
Andy Burnham, Mayor of Greater Manchester, said: “People with learning disabilities such as autism and other disabilities often have a really tough time, living in accommodation that is not suitable for or tailored to their needs.
“We want Greater Manchester to be a place where everyone is supported to achieve their full potential. Investment like this will help provide the homes and support that people with learning disabilities deserve and that will help them to live happy and fulfilled lives.”
The Fund is targeting its first close this summer at around £10million.
Find out more about the Resonance Supported Homes Fund:
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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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