Home Latest News New impact funds to help over 6,000 people at risk of homelessness
Home Latest News New impact funds to help over 6,000 people at risk of homelessness
New impact funds to help over 6,000 people at risk of homelessness
1 November 2021
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3
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Our latest £5 million investment across two property funds aims to address health by tackling affordable housing.
We have seen how COVID-19 has increased the risk of homelessness for many, especially vulnerable women and those sleeping rough, raising the threat of the pandemic to long-term health.
We have invested £5 million across two new property impact funds, the Resonance Women in Safe Homes fund and the Resonance Everyone In fund, which address the lack of affordable housing that was highlighted during lockdown.
Run by social impact investment firm Resonance, both funds take a unique approach by providing housing to vulnerable groups with specialist support to help transform lives and health outcomes. Together, the funds aim to make 700 safe and affordable homes available to 6,300 people over the next 10 years.
Women in Safe Homes fund
Women in Safe Homes is the world’s first property fund taking a gender-led approach. It is specifically for women who need housing because they have experienced domestic abuse, left the criminal justice system, or have other complex needs such as mental health challenges. The fund, which has raised over £26 million to date and is a joint venture between Resonance and the real estate private equity firm Patron Capital, aims to provide 650 safe and secure homes across the UK and is expected to house around 6,000 women over its lifetime. Each property will be leased to a women’s sector organisation, such as Refuge and Nacro, who will provide localised support to each woman and their family.
Resonance Everyone In fund
Vulnerable women weren’t the only group of people impacted by lack of housing during lockdown. In 2020, thousands of people who were sleeping rough were taken off the streets and housed in hotels across the UK, which was known as the UK government’s ‘Everyone In’ initiative.
In response, the Resonance Everyone In fund was created with investment from the Greater London Authority and Big Society Capital to scale up the specialist support needed to end rough sleeping. In partnership with registered social landlordNacro, the fund aims to provide 50 homes across London, along with support services, for an estimated 200 people over the lifetime of the fund.
Impact investing for health impact
“We aredelighted to have received£5 million investment from Guy’s & St Thomas’ Foundation into two of our homelessness property funds. The investments will enable these funds to provide even more quality affordable accommodation for people in desperate need of somewhere safe to live with specialist support around employment and, enabling them to make positive steps in other areas of their lives, improving their life chances, health and wellbeing” said John Williams, Managing Director of Property Funds at Resonance.
The purpose of these funds is to address a real and urgent housing issue that has been heightened by the impact of COVID-19. By supporting a pioneering fund, and boosting our investment in a successful existing one, we aim to continue helping more people access the critical support needed to keep themselves and their families safe and healthy.
Anita Bhatia, our Investment Director
Our impact investing strategy helps us identify opportunities to invest for both, financial returns and health impact, including in sectors beyond traditional healthcare or medical technology, like affordable housing and community services. We believe this allows us to tackle the root causes of ill health.
If you’re interested inlearning more about our role as an impact investor and how we are shaping our strategy, you can contact our Investment Directoror find outmore about our investment portfolio.