Funds will purchase 50 properties for people unable to access social housing, or who are at risk of homelessness
Homes for Good, Scotland’s first social enterprise lettings agency, has received a £3.5 million investment from Social and Sustainable Capital (SASC) to grow its property portfolio.
This is SASC’s second investment in Homes for Good, which specialises in supporting people on low incomes and with limited housing choice, and it will use the funds to purchase up to 50 properties in Glasgow and the west of Scotland for people unable to access social housing, or who are at risk of homelessness.
The properties will be bought and refurbished to give tenants safe, affordable and secure homes for tenants, who will also be able to access ongoing support with the social enterprise and its partners.
Currently Homes for Good manages over 500 properties and owns 266 properties and this new investment from SASC’s Social and Sustainable Housing fund (SASH) creates a major step towards its goal of reaching 1,000 properties under management by 2025.
SASC previously provided Homes for Good’s with a loan of £2.85m from its Third Sector Investment Fund in 2018 to buy 53 properties in Glasgow.
Homes for Good was founded in 2013 by Dr Susan Aktemel who saw the opportunity to improve the private rented sector for tenants and landlords through creating a new kind of letting agency, as a values-led social business, and to create a high quality housing option for people at risk of homelessness or with very limited choice in the mainstream private rented sector (PRS).
PRS tenants often have major challenges in finding a secure home due to affordability, insecurity of tenure, quality, and the widespread perceptions of letting agents and landlords around risk in engaging with people on lower incomes or who require support.
Homes for Good addresses these challenges by offering an alternative approach to a standard letting agency. As well as offering safe and high-quality housing, the organisation also offers flexible and personalised support to people with a wide range of needs, including mental health, homelessness and relationship breakdowns.
Dr. Aktemel, executive director, said: “We are delighted to be working with SASC on a second round of funding, which will help us provide more high-quality housing to those who need it most. As the UK continues to experience a housing crisis, it’s critical that we innovate in the private sector to help close the gap in housing provision, which is exactly what we do at Homes for Good.”
Ben Rick, co-founder and chief executive of SASC, said: “Homes for Good want to lead by example in the private rented sector and to act as a catalyst for change. The SASH-funded properties will help to address the shortage of suitable properties in the region and expand their reach to those who may not otherwise have been able to secure good quality, affordable accommodation.”
SASC’s Social and Sustainable Housing fund (SASH) was launched in May 2019. It’s the only fund set up to put ownership of supported housing in the hands of front-line charities working to house the homeless and those at risk of homelessness.
The fund provides flexible secured loans of between £2m and £5m to social sector organisations that have experience of providing both housing and a high degree of support to disadvantaged clients.
For more information on SASC visit www.socialandsustainable.com