£10m social investment funding for homeless people
- 08 Nov
A social investment fund set up to buy homes that will be let to homeless people has received an initial £10m of investment from the housing association L&Q.
The Real Lettings Property Fund will buy one and two-bedroom flats in Greater London, which will be let by homelessness charity Broadway through its Real Lettings agency to people moving from hostels or temporary accommodation.The fund will be managed by Resonance, a specialist social investment organisation.
L&Q is one of the largest social landlords and manages more than 66,000 homes, mostly in Greater London.
Broadway has already offered its lettings service to private landlords and operates in 20 of the 32 London boroughs. The new fund will allow it to expand its operation in purpose-bought property.
Waqar Ahmed, group director of finance at L&Q, said: "The £10m we are putting into the Real Lettings property fund is both a financial investment and a social investment for L&Q. We are committed to reinvesting every penny of our financial surplus back into homes, services and communities."
Daniel Brewer, chief executive of Resonance, said that the fund would provide a "commercial risk-adjusted return", but would also deliver a "real social impact".
Resonance said that it hoped to expand the fund to £45m by the end of next year.
Source: Third Sector
Related articles
- 06 Feb
Housing association helps the environment and homeless at the same time
Northward Housing and The Mustard Tree homeless charity have teamed up to help get people back into work. The charity's Standfirm enterprise sees properties left by Northward's tenants, who have...
- 03 Feb
Trash to treasure scheme
Mr Pearce, from Broughton, Salford, is launching a new social enterprise ‘Old to New Furnishings', with the help of a grant from social housing provider Salix Homes. This new enterprise renovates...
- 27 Jan
WakeOrDonate app helps charity's gain donations
WakeOrDonate is a mobile phone app which will make a donation to a charity each time the snooze button is pressed on someone's phone alarm. The app has been developed by Ronan Finnegan, a nineteen...
- 06 Sep
A new approach to help people find care
A peer-support model is a way of working that allows the sector to save money whilst also giving reliable support and care to those needing it. Peer brokers will help other care-users manage their...
- 07 Jun
Pilot Project Shows Social Enterprises Can Tackle Local Problems
The JRF pilot project in Bradford shows the untapped potential that locally based social enterprises have to solve local problems.The report also says that local authorities should place a higher...
- 29 May
Charities would rather trade as a Social Enterprise
The results of the survey showed 92% said they would like to increase their income from trading and government contracts in the next three years.From asking 100 charities, the results shows that more...
- 03 May
Charities and Businesses form New Social Enterprise
New methods need to be found for funding new social enterprises to free them from traditional methods and generate new methods of spending as well as methods of funding.Foundations traditionally...
- 27 Mar
Social Enterprise to help those with learning difficulties is expanding!
Loddon Social Enterprise will from next month be able to provide facilities where cooking, artwork and computer skills can be learned to increase the work experience for adults who have learning...
- 08 Mar
Social enterprise spending to reduce reoffending
The process still seems to be a learning process at present, and the ministry have recently completed a consultation on the sector to gain helpful feedback.They will be giving out a second grant to...
- 28 Feb
Remploy Workers want to buy Factory as Social Enterprise
The factories that make components and assemble car parts in Birmingham, Coventry and Derby, will lose all funding from the government by September.They were left open when thirty four Remploy...
Responding to the DWP Consultation: Housing Benefit Reform - Supported Housing "I found the event informative and timely it helped me to complete our response to DWP without which I would have struggled." S.S. - Safe House
