Social investment pilot financing more than 200 homes for rough sleepers!

 

The company will be supported by a new social investment pilot, which will create more than 200 moving homes, announced Rough Sleeping and Housing Minister Eddie Hughes MP.

For the three year pilot, which runs until 2024, GBP 15 million of state funds will be provided together with an additional GBP 15 million by Big Society Capital, an investor in social impact, to provide more than 200 moving homes to hard sleepers and homeless people. qatar villa

Big Society Capital is an independent financial institution that invests in a variety of housing programs for vulnerable people.

The grant will finance the purchase of existing housing from the property market and make it available for the rent level of the local housing authority to make them affordable.

Customized help will be provided by charities and social enterprises specialized in housing for vulnerable people to help residents maintain their tenancies, including addictions, education and support for their employment and counseling.

This is part of the government's much broader effort to address gross sleep and homelessness with a further investment of GBP 750 million in this year.

The pilot will provide a smaller number of other homes in Greater Manchester, London and Teesside throughout England. Three years will last, but financial returns will be restored to provide homes for harsh sleepers and people who are at risk of sleeping harshly for the next 30 years.

"I am very pleased to announce this partnership with Big Society Capital, which will invest GBP30 million for hard sleepers in new homes.

"More then 37,000 people have been accommodated by Everyone and this social investment pilot will help provide additional accommodation and support to permanently help harsh people sleep on the streets.

"This pilot is part of a much broader government action, with an additional GBP 750 million this year to help put an end to hard sleep for good."

"We are pleased to work with the Ministry of Housing, Communities and Local Government (MHCLG), to provide GBP 30 million to provide safe and affordable housing to homeless people in and outside of the pandemic. This partnership is the first of its kind and shows promisingly the role that social investment can play in achieving national policies aimed at ending harsh sleep or homelessness.

"This is also an example of how public sector organizations can use social investment to make public money work harder by using investors' additional money. Through the joint efforts of impact fund managers Bridges Fund Management, Resonance and Sustainable and Social Capital, an additional GBP 80,4 million was added to the industry.'

Baroness Barran, Minister for Civil Society, said: "I very much welcome Big Society Capital investment in a project that is a good example of the voluntary and public sectors working together to improve the lives of those who sleep hard. It also points out how the funds made available through the Dormant Assets scheme are used to make a difference in English communities.

"This additional GBP30 million from the Government and big corporate capital is a welcome addition to the GBP750 million already in the country."

Social investment is a means of using private finance to finance social benefit projects, while also providing financial returns to investors.

This innovative pilot represents the Department's first investment in social impact for the financing of new homes.