After a period of reviewing applications, Big Society Capital has selected Resonance and Patron Capital Partners as joint fund managers. The fund managers will work together to develop and implement a property fund to provide housing for vulnerable women. The fund presents an exciting opportunity to create long-lasting positive change with mission-aligned partners across women, housing and social investment sectors.
The housing crisis is disproportionately affecting the most vulnerable people in our society, including vulnerable women and their children. In particular, 66% of homeless adults living in temporary accommodation are women, and the vast majority are single parents. Women's sector organisations are doing all they can, but a lack of suitable and affordable housing often limits their capability to deliver vital services.
We believe social investment can play a role in enabling these organisations to do more and improve outcomes for the women they work with. This is why, in 2018, we spoke to over 60 women's sector organisations to better understand the housing needs of vulnerable women. The feedback revealed that while some organisations use private rental accommodation, it is increasingly unaffordable, especially in large cities. The safety, security and quality of accommodation also varies greatly. In addition there is widespread reluctance among private landlords to rent to people receiving Housing Benefit, experiencing homelessness or with complex needs.
These insights are helping us to design a property fund that acquires properties which can be leased to providers of housing and support, such as refuges and women’s centres. To make sure our understanding is grounded in reality, we have formed a steering group consisting of sector experts such as Women’s Aid, Homeless Link, Ms Alison Inman (former President of CIH) and Ms Lisa Hilder (Trustee, Preston Road Women’s Centre); as well as experienced funders and social investors such as Comic Relief, City Bridge Trust and Trust for London.
Big Society Capital is looking to provide up to £10m in cornerstone investment subject to Investment Committee approval, completion of due diligence, satisfactory legal documentation and a minimum of £5m from other investors.
Are you a social investor, grant funder, housing provider, commissioner or a practitioner in this space who would like to explore how we can work together? If so please get in touch with Karen Ng at kng@bigsocietycapital.com.
Our call for fund managers is now closed, however, you can view more information about the requirements in this document. Please note this is now for reference only: Housing for Vulnerable Women – Call for Fund Manager