Resonance Launches Supported Homes Fund for People with Learning Disabilities, Autism and Mental Health Challenges

• Initial investment of over £10 million in the first close of the Fund: Greater Manchester Combined Authority invests £5 million, Big Society Capital, the UK’s leading social impact investor, invests £5 million and social justice foundation, Barrow Cadbury Trust, invests £250,000
• First partners are learning disability charity United Response and learning disability housing provider Reside Housing Association
• Fund now open to further investors and for partnering with other learning disability, autism and mental health charity partners and housing associations

Resonance, one of the UK’s leading social impact investment businesses, announces the launch of the Resonance Supported Homes Fund (‘The Fund’), which aims to provide a solution to the acute housing shortage that leaves thousands of adults with learning disabilities, autism and mental health problems living in inappropriate housing and remaining on long waiting lists.

Working alongside Reside Housing Association and United Response, Resonance has co-designed a sector-wide solution for supported housing need, with initial social investment support from Greater Manchester Combined Authority, Big Society Capital and the Barrow Cadbury Trust.

The Fund aims to provide investors with a financial return from rent and capital appreciation while focusing on how to achieve positive social impact through housing and supporting people with learning disabilities, autism and mental health challenges, enabling them to live independently. Via its charity partners, the Fund will provide individuals with a person-centred approach and the right housing and support in the community.

The Fund offers a solution to the urgent need for affordable, suitable and specialist housing for people with disabilities who are more likely to be in inappropriate housing and living in poverty with limited access to mainstream housing options.

The Fund will buy, refurbish and adapt or potentially build residential properties in communities, initially with half of funds raised to date being invested in property in Greater Manchester and the rest for homes in other targeted regions and then roll-out across the UK to meet the specific needs of every individual. In addition, by working with its charity partners the Fund will allow people to move out of unsuitable accommodation and into homes of their choice in their local communities, but they will also be provided with specialist support to lead fulfilled lives with independence and choice.

Key to this impact-led Fund is how it differs from current leasing models. It will work with impact-driven housing associations and learning disability charity partners to focus on the specific housing needs of the tenants being housed. Importantly it will reduce levels of risk for the Fund’s partners, for example by providing leases with reasonable rent levels, appropriate break clauses and fair rental uplift not normally associated with these models.

The potential of these learning disability and mental health charities and impact driven housing associations to reliably scale up the provision of good care and housing in the community for this group is huge, providing positive outcomes for tenants whose needs, too often, are not met by current property investment structures.

Simon Chisholm, Resonance’s Chief Investment Officer:

“We are delighted to launch the Resonance Supported Homes Fund after significant work co-designing a new approach to this issue suitable for both social enterprises and investors. The initial investments from Big Society Capital, Greater Manchester Combined Authority and Barrow Cadbury will enable us to attract like-minded investors into the Fund so that we can purchase even more homes for people with learning disability, autism or mental health problems currently still living in inappropriate accommodation. Living in the right home will help make a real difference to their lives, enabling them to live with choice and independence in their local communities, close to their families. We are also delighted to be working alongside our founding charity partners United Response and Reside Housing Association who will provide support to individuals housed, and also look forward to working with others in due course.”

Tim Cooper, Chief Executive of United Response:

“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.”

Diane French, Chief Executive of Reside Housing Association:

“During my career I have seen the right housing matched with the right support transform lives. If that is within our power then we should be doing everything we can to make it possible for everyone to live their best life and yet too many people with learning disabilities and other support needs still live in institutions or struggle to find the right housing to meet their needs. This Fund can help us be a solution for more people.”

Salford City Mayor Paul Dennett, Greater Manchester lead for housing, homelessness and infrastructure, said: “It’s great news that the Greater Manchester Housing Investment Loans Fund is being used in this way to deliver on our commitments in Greater Manchester’s Housing Strategy and through collaboration with our Health and Social Care Partnership, housing associations and partners across the city-region.

“The £5 million investment from the Housing Investment Loans Fund will help to provide more specialist and supported housing within Greater Manchester, supporting our residents to lead fulfilled lives where they can achieve their full potential.

“We know that people with learning disabilities, autism and mental health needs often struggle to access accommodation that is suitable for them and meets their needs. It’s great to see partners in Greater Manchester working collectively to deliver housing solutions that genuinely meet the needs of our residents, especially at a time when we know Greater Manchester and the UK are facing a housing and homelessness crisis.”

Freddie Waite, Investment Director at Big Society Capital:

“Big Society Capital is very pleased to support the launch of Resonance Supported Homes Fund. There is an increasing need for housing and care for people with these support needs, as well as a need to accelerate the transition of accommodation towards community-based solutions; enabling people to live independently, engage with their communities and stay close to families and friends. Housing and support providers will need mission-aligned investment to help meet this growing and shifting need. Resonance, United Response and Reside have worked hard to co-design an innovative finance solution, and we hope our investment will help scale this solution to further organisations that deliver positive impact to people living with a learning disability, autism or mental health problems.”

Sara Llewellin, Chief Executive of Barrow Cadbury Trust:

“As we look forward to the recovery phase from Covid19 we are pleased to invest in housing provision for groups of people adversely impacted by the pandemic. People with learning disabilities and mental health problems are among those groups and this Fund will help address one of their most acute needs which is for a safe and secure home.”

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If you're a learning disability, mental health charity or specialist housing association that needs additional property:

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