Social impact investment company Resonance has received £15m investment from City Hall, London to buy affordable housing for people who are homeless in the capital, helping them move on from temporary emergency accommodation and live independently.
The GLA’s investment is going into the Real Lettings Property Fund 2, launched in January 2017 when the London Boroughs of Croydon, Lambeth and Westminster committed a total of £45m.
The target size for this Fund is at least £100m, potentially providing around 330 affordable one or two bedroom flats in the Greater London area. Individuals or households, nominated by City Hall, can receive light touch support from Real Lettings, a social lettings agency run by homelessness charity St Mungo’s, to maintain their tenancies and move towards employment, stability and independence.
Resonance’s three property funds – The Real Lettings Property Funds (RLPF) 1 and 2 in London, and the National Homelessness Fund – have now grown to more than £155m and provided 600+ homes nationwide, housing over 1,500 people who are homeless or vulnerable to homelessness.
Susan Fallis, Director of Real Lettings, says “Since the Funds launched, we’ve been able to house hundreds of people who otherwise would have been in temporary accommodation or hostels. Resonance has a proven ability to source properties that are suitable for our tenants so that, with a little support, they can build up tenancy histories that enable them to move on further into longer-term accommodation, and on with their lives.”
More information from Resonance.