Resonance, one of the UK’s leading social impact investment businesses and leaders in homelessness property funds, has announced the second close of the Resonance Supported Homes Fund (RSHF), with a £5 million investment from Oxfordshire County Council.
This multi-million pound investment into the fund, which provides person-centred housing for those with learning disabilities, autism and mental health challenges, will help to provide up to an additional 25 supported living homes for adults in Oxfordshire with care and support needs. It will also take the fund size to over £15 million, enabling it to create an even greater impact in the sector.
- The fund is UK wide and has a target size of £50-£100 million
- The fund aims to provide 275 long-term, specialised supported homes - including flats, houses and bungalows - across the UK for 500 people
- The fund is open to further investors and for partnering with other learning disability, autism and mental health charity partners and housing associations
RSHF was created to provide a solution to the acute housing shortage that leaves thousands of adults with learning disabilities, autism and mental health problems struggling to access homes suitable for them that meet their needs. Many are living in inappropriate housing and remaining on long waiting lists with limited access to mainstream housing options.
- 2,040 people across the UK were still residing in inpatient facilities in April 202111
- c11,100 adults in Oxfordshire have a learning disability2
- c6,850 people in Oxfordshire are on the autistic spectrum3
With support, people with a learning disability, autism or mental health issues can live fulfilling lives as participating members of their local community.
The key to how the fund differs from other leasing models is how it works with impact-driven housing associations and learning disability charity partners. The focus is on the specific needs of every tenant the fund provides a home for, enabling them to lead fulfilled lives with independence and choice.
RSHF was co-designed with leading learning disability organisations in direct response to the Regulator of Social Housing’s concerns over onerous leases in this sector. The fund offers its charity partners sustainable, fair lease terms with break clauses and transparent cost structures.
All properties are purchased with specific tenants in mind, ensuring properties are fit for purpose and can provide an environment for tenants to flourish.
The fund is open to the institutional, pension fund and professional investors in the UK and internationally, who are not only attracted by the potential of a financial return from rent and capital appreciation but also the strong focus on achieving substantial positive social impact by supporting people living in inappropriate and challenging circumstances.
Resonance would particularly like to hear from local authorities with housing needs in this field and who are looking for a cost-effective solution and financial return.
And care providers and their housing partners who are seeking lease terms that are not linked to CPI and do have business-critical break clauses should get in touch.
John Williams, Managing Director of Property Funds at Resonance, said: “We are absolutely delighted to receive this investment from Oxfordshire County Council which will enable the fund to make a very real difference to the lives of people with learning disability or autism, in the region. This investment means individuals will be able to live in the right home for them so that they can live fulfilled lives in their local community, close to family and friends.
“We are particularly pleased Oxfordshire County Council is the second local authority – alongside Greater Manchester Combined Authority, one of the seed investors - to invest in this fund, recognising that everyone needs a home to call their own and to be able to live their lives with independence and choice.
“This investment is a major milestone for the fund and should create real impact in the learning disability sector as well as enabling us to attract further like-minded investors into it.”
Councillor Jenny Hannaby, Cabinet Member for Adult Social Care at Oxfordshire County Council, said: “Most people want to be supported to live within their communities, rather than in residential care, so this is great news for those adults in Oxfordshire with additional support needs who want a home of their own.
“As demand for supported living accommodation in the county grows and as people live longer, it is through programmes such as this one with RSHF that we are able to provide the support needed. We will empower people to live the lives they want to lead, in their communities, close to their friends and families, and with as much independence as possible.”