Category Archives: Social Housing

Finance and Banking, Hampshire, News, Social Housing, South East England News

SASC invests second loan of £3.3m in One Small Thing to support pioneering project for women affected by the justice system

One Small Thing (OST), a charity dedicated to transforming the criminal justice system for women and their children, has received a second social investment loan of £3.3m from Social and Sustainable Capital (SASC).

The loan, from SASC’s Social and Sustainable Housing fund (SASH), will enable the charity to purchase and refurbish six properties in Southampton and Portsmouth, providing supported accommodation for up to 40 women involved in the criminal justice system in Hampshire, as part of its Hope Street project.

 

Hope Street is a pioneering residential community in Southampton, which will house up to 124 women and their children from spring 2023. This will prevent women receiving custodial sentences just because this is the only option available.

At Hope Street, women can meet the requirements of a community sentence in a safe, calm, and nurturing environment, where their children can live with them and they can access therapy, treatment and support. It will also help them access training and employment and make new links into the local community.

SASC’s first investment in OST was a £380k loan from its Community and Investment Fund, which funded five self-contained flats at Hope Street, as well as a large restorative outdoor space.

This latest investment will add further move on accommodation and marks the next phase of the charity’s vision for redesigning the justice system for women and their children in a way that can be replicated and scaled across the UK.

OST was founded in 2018 and is led by an inspirational philanthropist and tireless prison reformer Lady Edwina Grosvenor[i]. With a degree in criminology, Lady Edwina has devoted her 23-year career to prison reform. Hope Street aligns with the thinking behind the 2018 Female Offender Strategy[ii], which has a strong focus on community-based solutions.

 

Southampton was carefully selected as there are no prisons for women in Hampshire and Southampton is where a third of offences in Hampshire occur. Of the 877 women arrested in Hampshire between 1st November 2018 and 31st October 2019, 33% were from Southampton.

 

Women from Southampton who receive a custodial sentence are sent out of area, often more than 60 miles away from their home, making it very difficult for families to visit[iii].

 

Claire Hubbertsey, Chief Executive of One Small Thing said, “Hope Street will be a restorative environment where women can thrive and access vital services, without the added trauma of being separated from their children. It is designed to become a centre of excellence that can be replicated across the UK. We’re grateful that SASC shares our vison and is committed to helping us achieve our goals.”

 

Ben Rick, Co-Founder and CEO of SASC said, “Since our first loan to One Small Thing we have been impressed with how this project has developed and wanted to extend our support so they can add further supported accommodation. The programme will positively impact the life outcomes for many women and their children and enable them to break out of the cycle of crime and deprivation, and transition to independent housing.”

 

As of September 2022, SASH was fully committed, having allocated £64.5m of invested capital to charities across the UK. The successor fund, SASH II was launched last autumn, to provide a continuity of funding to frontline providers.

The fund will support charitable organisations that deliver a combination of support and housing to move from renting existing housing stock to owning it. SASH II is open for fundraising and targeting £125m.

 

For more information on One Small Thing visit: www.onesmallthing.org.uk

For more information on SASC visit: www.socialandsustainable.com

[i] https://onesmallthing.org.uk/board-of-trustees/edwina-grosvenor

[ii] https://www.gov.uk/government/publications/female-offender-strategy

[iii] https://static1.squarespace.com/static/5b2920c1a9e028ee9c2eb7b5/t/5f75dac80dd0c87c41a511e8/1601559241068/Hope+Street+Succesful+Planning+Application+statement+FINAL.pdf

Property, Social Housing

SASC makes second investment of £1.652m in Peter Bedford Housing Association to expand housing for socially excluded adults

Peter Bedford Housing Association (PBHA), has received a second social investment loan of £1.652m from Social and Sustainable Capital (SASC) to expand its portfolio of supported housing in Newham, London.

Set up in 1971, PBHA is a Registered Provider (Housing Association) and provides housing with support and access to community activities, training and employment for people who have suffered from social exclusion. Its aim is to prevent people returning to the streets and helping them get the support they need to move on and live independently.

SASC made its first investment of £2.05m from its Social and Sustainable Housing (SASH) fund in December 2021 to enable PBHA to purchase 12 one-bedroom flats in Newham to house single adults who have been homeless, or face challenges through mental ill-health, drug, or alcohol misuse.

The second loan will fund nine self-contained units in the same area. PBHA will use the additional properties to operate a recovery service for single homeless adults in Newham mirroring the one it runs in Hackney and Islington.

 

PBHA also receives funding from Greater London Authority’s Rough Sleeping Accommodation Programme, to fund their recovery service which helps people to sustain their tenancies, integrate in the local community and access support services. This includes employability and skills support and helping people access volunteering opportunities and progress into employment.

Government figures in July show 74,230 households in England became homeless or were at imminent risk of becoming homeless between January and March 2022. This represents an 11% rise in three months, and a 5% rise on the same period last year[i].

 

Clare Norton, CEO, Peter Bedford Housing Association said: “The initial funding from SASC put us in a good position to go out and find additional funding from the Greater London Authority (GLA). We have since become a GLA Investment Partner which will offer future avenues for investment. This has enabled us to really grow our purpose and meet more need in different areas, and with the cost-of-living crisis, the need is becoming more apparent every day.

“To be able to give former rough sleepers their own front door, their own place where they can cook their own food and just be themselves, and have that sort of freedom again, is vital. This second investment will help us to grow even further as we’ll have more assets from which to build more properties in the future or to borrow money against. Social investment has given us the opportunity for a strong future and to meet the ongoing demand for supported housing.”

 

Ben Rick, Co-Founder and CEO of SASC said, “PBHA were our first investee from our SASH fund in London. They have a great deal of experience in providing housing and support for socially excluded people and helping them get back on track with their lives. This second loan will enable them to provide further help to people that need it most.”

 

This investment makes PBHA the 19 organisation to receive funding from SASH.

As of September 2022, SASH was fully committed, having allocated £64.5m of invested capital to charities across the UK. The successor fund, SASH II, launches this autumn, to provide a continuity of funding to frontline providers.

 

The fund will support charitable organisations that deliver a combination of support and housing move from renting existing housing stock to owning it. SASH II is open for fundraising and targeting £125m.

For more information about Peter Bedford Housing Association visit: www.peterbedford.org.uk

For more information on SASC visit www.socialandsustainable.com

[i] https://england.shelter.org.uk/media/press_release/homelessness_in_england_rises_by_11_per_cent_in_just_three_months

Charity & CSR, Investment, Investment News, News, Social Housing

SASC launches second fund to support charities and social enterprises that house disadvantaged people

After the success of its first housing fund, Social and Sustainable Capital (SASC) is launching a second offering that will continue to support social sector organisations to provide safe, stable and appropriate homes for vulnerable people and their families in the UK.

The award winning Social and Sustainable Housing (SASH) fund was co-designed with the social sector and launched in 2019.  Having already raised and allocated £64.5m to frontline housing organisations, SASH II opens with almost £35m and is expected to go on to raise £125m.

The fund has attracted investors, including Big Society Capital, Scottish National Investment Bank, Greater Manchester Combined Authority, the Church of England’s Social Impact Investment Programme, Ceniarth, and Ogelsby Charitable Trust.

SASH II provides flexible finance to ambitious organisations who are delivering vital services to disadvantaged people and families in their communities, including the homeless, individuals and families fleeing domestic violence, asylum seekers, young people, and people with addiction or mental health issues.

Ben Rick, Co-Founder and CEO of SASC said, “We support social sector organisations to expand their owned property portfolio, allowing them to deliver additional, high-quality housing alongside the kind of support that helps individuals move back to independent living.

“By working with frontline delivery organisations, we support the transfer of ownership of housing into the social sector on a permanent basis.”

The SASH structure was co-designed with social organisations.  Working with Hull Women’s Network, a domestic abuse charity, in 2017 enabled SASC to understand the features of conventional financing that were restricting the ambitions of high performing social sector organisations.

Lisa Hilder trustee of Hull Women’s Network said, “We were able to work with SASC to design something truly unique in the social investment market – a product that shared risk in a completely new way with an investor.  The two loans we have since had from SASC have been a key part of our development journey. We have been able to take control of housing and deliver improved social outcomes as a result.  We are delighted that SASC have been able to raise additional funds to make this financing available to others facing the same problem.”

To date, the SASH fund has invested in 18 high performing organisations across the UK and approved loans to a further four. SASC is already in conversations with new organisations interested in investment and expects, through the new fund, to be able to support over 30 best in class charitable organisations.

One organisation that has already increased the size of their SASH loan is Peter Bedford Housing Association. It has been delivering social and practical support as well as employment and training services to tenants in Hackney and Islington in London for over fifty years.

Clare Norton, CEO of Peter Bedford, said, “We hadn’t expanded our housing portfolio for almost 20 years and were looking for ways to grow as we’d identified some neighbouring boroughs that had really high homelessness needs. Working with SASC was such a  positive experience. The funding helped us to become a “Investment Partner” with the Greater London Authority (GLA), and this will offer future avenues for investment.

“Social investment has given Peter Bedford the opportunity for a strong future. To be able to look back on the process and see all the development you weren’t expecting is so encouraging. We expect the financial resilience and the upskilling of the team will support us for the next 25 years at least.”

In SASC’s 2021 borrower survey, 95% of borrowers said they would recommend SASC to other organisations. Reasons given include the flexibility of the product, their partnership approach and supportive working practice, plus the fact that a SASC loan allows them to do things that they couldn’t find support for elsewhere.

For more information on the SASH fund visit: https://www.socialandsustainable.com/social-and-sustainable-housing/

For more information on SASC visit: www.socialandsustainable.com

Housing, News, Property, Social Housing

Social and Sustainable Capital responds to ‘Exempt Accommodation’ report and urges government to act on recommendations with urgency

Written by Ben Rick, Managing Director, Social and Sustainable Capital (SASC)

Social and Sustainable Capital (SASC), welcomes the report by the Levelling Up, Housing and Communities Committee into exempt accommodation. We urge the government to act on the recommendations made in this report as a matter of urgency.

The type of supported housing known as Exempt Accommodation (EA) is a vital service for some of society’s most disadvantaged and vulnerable people. This makes the behaviour of some EA providers detailed in the report all the more horrific. The Committee’s accounts of substandard housing, non-existent support and exploitative behaviour are shocking but sadly not surprising to us: we have been raising concerns about standards in the sector for some time.

As the report points out, there are many good providers of exempt accommodation out there – and we are delighted to work with some of the best. Since 2017 we have approved loans worth almost £90 million to more than 25 high performing charities and social enterprises providing EA across the UK, mostly on a commissioned basis, so that they can acquire more homes and help more people.

We agree with the Committee’s view that only qualified care and support providers should be able to deliver support to vulnerable groups (paragraph 33).  Typically these are local charities that specialise in the needs of particular groups such as those fleeing domestic violence. While they have long and substantial track records, they are not necessarily Registered Providers. Over the last five years we have highlighted the vital work of these hidden champions: committed local support providers, who work closely with councils, the police, and providers of health services in their area. As the backbone of local EA provision these organisations need help to grow and support more people – and to counter the threat from rogue providers.

We also agree with the Committee that the lack of regulatory oversight or data in EA makes identifying best practice harder. But we are confident that it is possible to tell the good from the bad, and we believe we achieve this every day. As part of SASC’s due diligence process we conduct detailed reference interviews with local commissioning authorities (normally the Local Authority or the Care Commissioning Group). We seek to understand their views on the scale of the need for supported housing, the quality of housing and support currently being provided, and whether investment from us to the organisation in question would be well received.

We also welcome the Committee’s acknowledgement that better data and analysis (paragraphs 82-83; 107) is needed, as well as National Standards (paragraphs 54-56) and a National Oversight Committee (paragraph 60). SASC also support the view (paragraphs 57 and 87) that Local Authorities should be funded and empowered to be able to scrutinise local providers better; and that there should be a clearer route for high performing non-RP providers to be recognised by the RSH (paragraph 108).

We agree with the Committee that good providers should not fear greater scrutiny (paragraph 108). Good providers need to be identified and supported: rogue providers need to be identified and driven out. The findings of the LUHC Committee are an accurate reflection of the challenges the sector faces, and its report is extremely timely. We hope that the government agrees and acts on the recommendations now.

 

Finance and Banking, Property, Social Housing, Yorkshire

SASC makes third investment of £2m to Target Housing to support people at risk of homeless in Yorkshire and the Humber

Social and Sustainable Capital (SASC) has made a third investment of £2m to Target Housing, a charity and social landlord working with vulnerable groups across Yorkshire and the Humber.

Established in 1990, Target Housing provides accommodation and support to vulnerable and homeless people who have difficulties sustaining a tenancy. This includes people with complex needs, ex-offenders, those at risk of offending, asylum seekers and people with mental health problems.

With the funds, Target Housing will purchase and refurbish 16 one-and two-bedroom properties in Barnsley and Doncaster, to provide support and accommodation for its beneficiaries.

The charity currently manages around 865 properties and owns 96 of them. SASC’s funding has helped to fund the purchase of 47 of these houses across Sheffield, Doncaster, Rotherham and Hull through two previous loans totalling £5m (£3m in 2020 and £2m in 2021) from SASC’s Social and Sustainable Housing (SASH) fund.

Shaun Needham, CEO of Target Housing said, “Taking on this third investment will enable us to meet the growing housing demand for homes for vulnerable people from commissioners and others in the areas we work. By owning properties, we can switch between one project to another, retain income which helps us to continuously adapt to the neighbourhood.

“Target’s strategy is to grow our owned property portfolio because it gives us total flexibility and it’s cheaper than renting through private landlords. Eventually, through these SASH loans, we will have equity in our portfolio that we can use to expand even more.

“SASC has become a vital, trusted and important partner to Target Housing since we took our first loan. We are really pleased to take this additional funding and look forward to working with SASC for many years to come.”

Ben Rick, Co-Founder and CEO of SASC said, “Target Housing was one of the first social sector organisations to approach us for investment from SASH in 2019 just after it launched. We created the fund to help charities like Target have greater control over their housing portfolio, giving them flexibility, growing their capacity and developing their resilience to enable them to help more disadvantaged individuals. We are delighted that Target recognises that and has returned for further investment.

We have made repeat investments in organisations across our funds, and we believe this is testament not only to the bespoke funding and risk-sharing inherent in a SASC loan, but also a reflection of the partnership approach to working that SASC offers.

As of September 2022, SASH was fully committed, having allocated £64.5m of invested capital to charities across the UK. The successor fund, SASH II, launches this autumn, in order to provide a continuity of funding to frontline providers.

The fund will support charitable organisations that deliver a combination of support and housing move from renting existing housing stock to owning it. SASH II is open for fundraising and targeting £125m.

For more information on Target Housing visit: www.targethousing.org.uk/

For more information on SASC visit: www.socialandsustainable.com

FInance, News, Social Housing

A new way to finance supported housing

Written by by Peter Morris, Research Director and Toby Lloyd, a housing and regeneration policy expert at Social and Sustainable Capital

Peter Morris
Toby Lloyd

Most property investment follows a traditional ‘landlord’ model. For many situations and organisations, this model makes perfect sense, and will continue to dominate. But Transitional Supported Housing is one area where there is a need for an alternative – because the landlord model is simply not able to provide enough of the right homes for the vulnerable people who need this type of supported housing.  So SASC has developed an alternative that we call the ‘distributed’ model. The same two parties are involved: namely, investors and supported housing providers who need access to housing. The distributed model simply matches their needs in a new way.

Under the landlord model, a property investor or fund buys properties which it then rents out (leases) to organisations or individuals who need to use them. The investor acts as landlord. Its investment return consists of current income (rent) plus any capital appreciation on the property value. Like any investor, landlords try to maximise their return while minimizing their risk. There is little they can do about the risk of property values, but they do all they can to minimize the risk to their current income. In an ideal world they try to make their rental income as high, as fixed and as long-term as they can.

Tenants are on the other side of the equation in this traditional model. A retailer that rents stores from a landlord is insulated from swings in property prices: the landlord absorbs that risk. But the landlord in turn offloads performance risk onto its retailer tenant. The burden of fixed rental payments over the long term leaves the tenant exposed if its performance falls below expectations. (That’s why leases like this are known as ‘off balance sheet debt’: accountants may not put them on the tenant’s balance sheet, but their effect is similar to debt.)

The landlord model has been around for centuries. It will no doubt continue to exist for centuries more, because the way it parcels out risk and return works well for many situations. But it doesn’t suit everyone – which is why families have spent the last hundred years getting out of renting the homes they live in to become owner occupiers. The security and stability of ownership turned out to suit most households better than renting – and many large investors discovered that letting homes to families exposed them to reputational risks they didn’t much like.

Transitional Supported Housing is another area where a different model can work well for both property investors and organisations that need access to housing. TheSocial and Sustainable Housing fund (SASH) uses the ‘distributed’ model, in contrast to the traditional ‘landlord’ model. ‘Distributed’ means that SASH provides investment and its investors get property market exposure; but SASH delegates many landlord functions to the organisations that need the housing in the first place. It is the supported housing providers who buy, own, manage and control the housing.

Most of the organisations that deliver transitional supported housing are charities, which makes it hard for them to raise the large amounts of equity funding needed to buy property. Even if they can get a mortgage, it usually requires a significant up-front deposit.

The traditional landlord model offers them a way round the lack of up-front capital – and if they’re lucky, they will be able to rent properties of the right quality, in the right location, for the long term, at a reasonable cost, from a supportive housing association that shares their social purpose. But these are becoming harder and harder to find – and the tenant is still taking on most or all of the performance risk, which can become a serious problem.

It’s not only retailers that have gone bust because of their fixed lease payments. Ten years ago, the UK’s largest care home operator, Southern Cross, was housing 31,000 older people when it went bust because of rent payments that were high, fixed rate and very long term.

Transitional Supported Housing is often commissioned by a local authority, which gives the provider some security of income – but even these public commissioners rarely commit to a contract longer than two years. Big landlords typically look for leases that are much longer than this, leaving the provider in the middle carrying an open-ended risk.

One of SASC’s key objectives is to help social sector organisations become stronger and more self-reliant. Imposing open-ended risks onto them is not part of the game-plan.

The traditional landlord model fails to meet SASC’s objective in another way, too. A supported housing organization that expands by renting properties is only growing temporarily. When the lease ends, the property goes back to the landlord and the supported housing organization goes back to its original size. No permanent change has taken place.

Permanent growth in this context means buying properties, not renting them. But SASC’s objectives mean that doing this must not load too much risk onto social sector organisations. Fortunately, investors are more and more interested in finding ways to make a difference with their funding, and have an appetite for the very risks that charities find unpalatable. We saw a way to match the needs of both sides. Our ‘distributed’ model allows supported housing organizations to expand permanently by buying homes, not renting – but doing so in a way that does not overload them with risk.

SASH makes a ten-year loan to a supported housing organization that meets a high bar in terms of track record, governance, management and commissioner relationships. The charity uses the loan to fund 100% of the purchase price of suitable homes. The charity owns the housing; SASH has a first charge over the asset. Instead of a fixed interest rate, the charity passes through a pre-agreed share of the net rental income generated by the housing, turning the current cost from fixed to variable. At maturity in year ten, the charity’s loan repayment is a function of property values at the time. This relieves the charity of exposure to property price risks; and gives SASH investors desirable exposure to a diversified portfolio of lower-quartile dispersed housing across the UK.

The nature of the housing involved has some unique characteristics. It is hard for large investors in the first place to get exposure to dispersed housing of the sort typically involved; and even harder to find and assess a range of social borrowers with deeply rooted local relationships. In effect, SASH delegates sourcing and management to local experts spread across multiple locations, rather than to a centralized single landlord. But the most important feature of the distributed model stems from SASC’s key objective. SASH channels investor capital to help social sector organisations grow permanently – by acquiring assets rather than renting. We believe this gives SASH a unique level of social impact: it identifies established supported housing providers and then helps them become stronger and more resilient.

 

 

Charity & CSR, News, Property, Social Housing

Social and Sustainable Capital seeks housing charities in Southwest England to benefit from new £125m housing fund

According to Shelter[i], one in 206 people are homeless in England and every region has its own issues. Bristol recorded the second highest number of street homeless nationally at the 2020 national Rough Sleeper Street count and was one of two cities outside London with the highest number of people in temporary accommodation. Gloucester and Torbay rank behind Bristol with the highest rates of homeless in the Southwest.

Social and Sustainable Capital (SASC), an award-winning social investment firm, which specialises in investments in charities and social enterprises involved in housing wants to help social sector organisations to address these challenges.

This spring, SASC is launching a new £125m housing fund – Social and Sustainable Housing II (SASH II) – and seeking borrowers in southwest England.

A particular focus are charities in this region involved in homelessness, domestic violence, or work with asylum seekers, young people, and those with addiction or mental health issues.

This will be SASC’s second housing fund which was designed in partnership with charities to meet their specific financial needs.

SASH I raised almost £75m and, so far, has provided £50m of secured loans to 16 UK housing charities. This has turned many of these social sector organisations into property owners for the first time and increased their financial resilience by putting over 625 beds into their ownership.

In March, SASC’s Business Development Manager, Miki Vyse, will spend two week touring the Southwest to find new borrowers.

Miki wants to meet with charities working in housing, housing associations, local MPs, support services organisations and other interested parties to discuss the new fund, how it works, and the benefits it could offer social sector organisations in the region.

 

Miki Vyse says, “With the launch of SASH II this spring, we want to engage charities and social enterprises in the Southwest who want to increase their provision of safe, quality homes and support for the vulnerable people they serve.

“I am really looking forward to touring the Southwest in early March starting in Bath and Bristol. I will be attending The Bath Sleep-Out organised by Julian House in Alice Park on Friday 4th March and will be raising money for the charity and meeting with the organisers. I will then move on to Plymouth on 15th March, then Cornwall and finally Exeter.”

“Our intention has always been to spread the fund across the UK and support organisations from a range of sectors and a range of localities. The Southwest is expansive region with a diverse population and homelessness is a major issue for cities like Bristol and rural areas including in Cornwall – we are looking forward to engaging with organisations right across the region.”

 

If you are a charity interested in finding out more about social investment and would like to arrange a meeting Miki Vyse, please contact her on: miki@socialandsustainable.com

For more information about SASC and how to apply for funding visit: www.socialandsustainable.com.

[i] The shocking scale of homelessness in England | Shelter

Investment News, News, Social Housing

SASC invests £2.65 million into Hull and East Yorkshire Mind to expand their accommodation services

Hull and East Yorkshire Mind (HEYM), a mental health charity and a Registered Provider of supported housing, has received its first social investment loan from Social and Sustainable Capital (SASC). The loan of £2.65 million will be used to purchase properties and improve the accommodation it provides for adults and young people experiencing poor mental health.

Founded in 1976, HEYM operates as part of the wider Mind Federation, supporting adults and young people locally across Hull and East Yorkshire. They provide a range of support to people experiencing mental health problems such as anxiety, depression, and more complex needs, like bipolar disorder and psychosis.

Good quality housing is essential for good mental health and the charity provides a range of specialist housing services to meet an individual’s needs. HEYM housing services include short and long term housing options, a service for young people at risk of homelessness and a specialist provision for individuals leaving hospital.

Using the investment from SASC’s Social and Sustainable Housing (SASH) fund, the charity will purchase 21 two, three and four bed properties. This will increase its portfolio of rented and owned properties by 20%. With these additional beds, HEYM can support more people and respond more quickly to those in need of accommodation at short notice.

Some properties will be used by Wellington Care, a wholly owned subsidiary of the charity that provides tailored support for adults with severe, long-term mental health needs, and/or people who have additional needs alongside their mental health such as a learning disability, autism, or a physical health problem.

HEYM is the 11th charity to receive funding from SASH, which is a unique financial product designed with and for the social sector. It is neither a mortgage nor a lease but enables social sector organisations to own their own properties, giving them the flexibility to allow them to best serve their clients.

Emma Dallimore, Chief Executive, HEYM said: “Working with SASC and taking on social investment for the first time will be a game changer. We will own our own properties, have greater control and not be so beholden to landlords. This also means we can provide the standard and quality of accommodation our beneficiaries deserve and have more flexibility to offer bed spaces immediately to those in urgent need. Another benefit is that we will own these assets which will make us more financially secure and sustainable too.”

Ben Rick, Co-Founder and CEO of SASC said, “Since the pandemic there has been a growing demand placed on mental health charities like Mind. We are pleased to be supporting HEYM with finance to buy properties, allowing them to help more people with mental health issues. We hope to work with other charities is this space and enable them to provide safe, stable and appropriate housing in a financially sustainable way.”

For more information about Hull and East Yorkshire Mind visit www.heymind.org.uk.

For more information on SASC visit www.socialandsustainable.com

Charity & CSR, News, Property, Social Housing

SASC invests £1.65 million in Dundee Charity Positive Steps Partnership to expand its supported accommodation services to meet rising demand

Social and Sustainable Capital (SASC) has invested £1.65 million from its Social and Sustainable Housing (SASH) fund into Positive Steps Partnership, a Dundee-based charity that has been providing supported accommodation services for vulnerable adults for over 25 years.

The charity was founded in 1989 to provide housing support for the HIV community of Dundee, many of whom faced challenges in securing accommodation due to the stigma associated with the virus. Today, it supports over 300 adults a year with addictions, mental health problems, learning disabilities, homelessness, and poverty. It also works closely with Dundee City Council delivering key services to individuals who are at risk of drug overdose and ex-offenders.

Currently, Positive Steps Partnership provides its accommodation services through 50 rented properties, but with this investment, the charity will purchase 30 properties in Dundee. Last week, it made its first property purchase, and will continue to build its portfolio over the next 18 months.

With the investment from SASH, the charity will be able to expand its existing accommodation services and support greater numbers of vulnerable young adults. The loan will also enable Positive Steps Partnership to work with new partners and agencies in the criminal justice system and provide accommodation such as short term lets for ex-offenders and others.

Derek Sharkey, CEO of Positive Steps Partnership said, “We are really excited about the investment from SASH, as it gives us the opportunity that we needed to expand and broaden our services to meet social demand and to acquire sustainable assets, without reducing our available resources.

“Over the past 25 years, we have seen a growing demand for supported accommodation – both short and long term in Dundee. We plan to quickly grow our portfolio and work with and support organisations within the criminal justice system and others to meet their accommodation demands.”

“Providing supported housing is central to helping vulnerable people to improve their prospects and move to independent living. Dundee is disproportionately affected by drug related death. Homelessness is prevalent amongst individuals who use drugs and Positive Steps Partnership recognises that having secure accommodation can represent the first step in people being able to begin recovery,” he added.

This is SASC’s 8th investment from the SASH fund, which has so far approved over £42m since the fund launched in May 2019. SASH was co-designed with borrower charities whose work with vulnerable people was being hampered through lack of access to safe, stable, and appropriate homes.

Ben Rick, Managing Director of SASC said, “Positive Steps Partnership has been providing vital accommodation and support services for vulnerable adults in Dundee for the past 25 years. Having access to quality housing is key to helping people move on with their lives. We are delighted our investment will ensure the charity can now expand its work to meet growing demand.”

For more information on SASC visit www.socialandsustainable.com

Housing, Investment, News, Social Housing

Social and Sustainable Capital invests £950K in The Big Life Company to purchase homes in Liverpool to support vulnerable adults

Social and Sustainable Capital (SASC) has invested £950K from its Community Investment Fund into social enterprise, The Big Life Company to enable them to buy 15 homes to support the expansion of their housing services for vulnerable adults in Liverpool.

The Big Life Company is part of The Big Life group. Over the last 30 years, The Big Life group has grown from a small community organisation into a large social enterprise and now works with more than 65,000 people a year in some of the most deprived areas in the north of England.

Big Life delivers a broad range of services covering children and families, health and wellbeing, and skills and employment, and works with partners from all sectors to make the biggest impact. Whereas most public services are organised around a single issue, Big Life tries to work with people on all areas of their life.

The organisation will use the SASC investment to buy homes as part of their Big Life Homes service which provides high-quality accommodation, and aims to reduce the inequality of access to safe and supported accommodation through a range of developments specifically for people who have experienced homelessness.

Having secure, supported accommodation is one of the first steps to recovery and to people turning their lives around. The service also offers support through a housing outreach support worker, which is not available through most private landlords.

Fay Selvan, Chief Executive, The Big Life group, said, “We have been supporting people to live independently in their own homes for over 20 years, but this is the first time we will be able to buy and own the properties.  The SASC investment will help us to expand the service to more people and offer high quality homes to people who often get the worst housing in the private rented sector.”

Ben Rick, Managing Director of SASC said, “We’re delighted to invest in Big Life so they can grow their housing portfolio in Liverpool and help even more vulnerable people access safe, quality housing. Many of the people Big Life works with have multiple disadvantages.

“It may be lack of financial stability, mental health problems, homelessness, family relationship breakdown, poor physical health or lifestyle choices that have life limiting consequences. There are often all sorts of things stopping people from getting where they want to be. People juggle health, work, relationships and much more besides, so when one thing goes wrong, it can cause problems in other areas, especially for those with little financial or social support to begin with.

“Big Life’s approach is to look at every aspect of a person’s life, and work with them to remove all those obstacles on the journey to changing their life for the better. Having a safe place to live is the start of this process for many.”

For more information on The Big Life group visit www.thebiglifegroup.com

 

SASC’s Community Investment Fund was launched in 2014. The fund lends amounts between £250,000 and £2 million to community based, locally led organisations, which are providing essential services to improve the well-being of local residents, development the local economy and creating positive social change for all individuals in the community.

For more information on SASC visit www.socialandsustainable.com