New fund to house 10,000 vulnerable people launches

Social and Sustainable Capital (SASC) has introduced a new housing fund for charities and social enterprises.

The Social and Sustainable Housing LP will invest in the provision of safe, stable and appropriate homes for vulnerable people and their families in the UK.

It has launched with over £26m in commitments from 19 investors, which includes the Social Investment Business and Big Society Capital.

SASC is targeting a fund size of £100m, which will allow it to support 30 organisations to house 10,000 people over the next 10 years.

The fund was co-designed with charities, and SASC is already working with a number of organisations seeking funding in the coming months.

Ben Rick, managing director at SASC, said: “We are proud to have created an innovative investment structure in housing that appeals to both borrower charities and investors. 

“The fund will address a major social issue by increasing the stock of quality homes that will be available to communities for the long term.

“We are delighted to announce this significant first close, supported by both existing social investors and those entering the market for the first time.”

Hull Women’s Network — which is based at the Preston Road Women’s Centre and provides safe homes for vulnerable women and their children — will be the first recipient of the funding.

Lisa Hilder, trustee at Preston Road Women’s Centre, added: “We are delighted to be named as the first investee of this ground-breaking new fund. 

“We have worked with SASC for the last four years and helped to pilot this innovative approach to creating safe homes for women and children fleeing violence and abuse. 

“This investment will enable us to offer safe homes to an additional 49 families in the next 18 months and help them rebuild their lives. 

“The funding will also increase the financial resilience of our organisation.”

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