Social enterprise lettings agency Homes for Good secures £3.5 million to buy dozens of properties
Social enterprise lettings agency Homes for Good has secured a £3.5 million investment to grow its property portfolio.
The cash injection is the second made by Social and Sustainable Capital (SASC) in Homes for Good, which will use the funds to purchase up to 50 properties in Glasgow and the west of Scotland for people unable to access social housing, or who are at risk of homelessness.
The properties will be bought and refurbished to give tenants safe, affordable, and secure homes. Those tenants will also be able to access ongoing support with Homes for Good and its partners.
Currently, the social enterprise manages more than 500 properties and owns 266 properties. The fresh investment from SASC’s Social and Sustainable Housing fund is seen as creating a major step towards Homes for Good’s goal of reaching 1,000 properties under management by 2025.
SASC previously provided the venture with a loan of £2.85m from its Third Sector Investment fund in 2018 to buy 53 properties in Glasgow.
Homes for Good was founded in 2013 by Susan Aktemel who saw the opportunity to improve the private rented sector for tenants and landlords through creating a new kind of letting agency.
She said: “A second round of funding will help us provide more high-quality housing to those who need it most. As the UK continues to experience a housing crisis, it’s critical that we innovate in the private sector to help close the gap in housing provision, which is exactly what we do at Homes for Good.”
Ben Rick, co-founder and chief executive of SASC, added: “Homes for Good wants to lead by example in the private rented sector and to act as a catalyst for change. The properties will help to address the shortage of suitable properties in the region and expand their reach to those who may not otherwise have been able to secure good quality, affordable accommodation.”
SASC’s Social and Sustainable Housing fund was launched in May 2019. The fund provides loans of between £2m and £5m to social sector organisations that have experience of providing both housing and a high degree of support to disadvantaged clients.
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