The funds will buy 50 properties for people unable to access social housing or at risk of becoming homeless
Houses for good, Scotland’s leading social enterprise rental agency, has received a £ 3.5million investment from Social and Sustainable Capital (SASC) to expand its property portfolio.
This is SASC’s second investment in Homes for Good, which specializes in helping people with low incomes and limited housing options, and it will use the funds to buy up to 50 properties in Glasgow and in the West of Scotland for people unable to access social housing. , or who are at risk of roaming.
The properties will be purchased and renovated to provide tenants with safe, affordable and secure tenant housing, 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 (SASH) Fund is a major step towards its goal of reaching 1,000 properties under management by now. 2025.
SASC previously granted Homes for Good’s a £ 2.85million loan 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 rental sector for tenants and landlords by creating a new type of rental agency, as a social enterprise focused on values, and create a high quality housing option. for people at risk of homelessness or with very limited choice in the traditional private rental sector (PRS).
PRS tenants often have major difficulties in finding safe accommodation due to affordability, insecurity of tenure, quality and widespread perceptions of rental agents and landlords around the risk of engaging with them. people with low income or in need of support.
Homes for Good addresses these challenges by offering an alternative approach to a standard rental agency. In addition to providing safe and quality housing, the organization also offers flexible and personalized support to people with various 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 is essential that we innovate in the private sector to help close the housing supply gap, which is exactly what we are doing at Homes for Good .
Ben Rick, co-founder and CEO of SASC, said: “Homes for Good wants to lead by example in the private rental sector and act as a catalyst for change. SASH-funded properties will help address the shortage of suitable properties in the area and extend their reach to those who may not have otherwise been able to obtain good quality and affordable accommodation.
SASC’s social and sustainable housing fund (SASH) was launched in May 2019. It is the only fund set up to entrust the ownership of supported housing to frontline charities working to house the homeless. – shelter and people at risk.
The fund provides flexible guaranteed loans of between £ 2-5million to social sector organizations which have experience of providing both housing and a high degree of support to disadvantaged clients.
For more information on SASC, visit www.socialandsustainable.com