The Real Lettings Property Fund now stands at more than £46 million, thanks to further investment by Big Society Capital and the City of London Corporation. The fund, managed by Resonance in partnership with the charity St Mungo’s, buys properties to let to homeless families in London.
We have increased our commitment by £10 million to a total of £15 million, with the City of London Corporation doubling its first investment to £1 million.
For people who are homeless, or those at risk of homelessness, it is incredibly important that they have the opportunity to maintain a tenancy, as this will help them access private housing at a later stage. Without the type of transitional housing provided by the Real Lettings Property Fund, hundreds of people face the very real possibility of homelessness.
The Fund is already making an enormous difference to the lives of homeless individuals and families who are ready for independent living. Since it was launched 18 months ago, 219 homes have been acquired, or are in the process of being bought. Real Lettings has taken charge of 82 properties so they can house a homeless person or family, and over 40 are being refurbished. To date, 144 individuals and children have benefitted, and this additional investment will help many more over the coming years.