Homes for Good receives £3.5m investment from SASC to grow property portfolio
Social and Sustainable Capital (SASC) has invested a further £3.5 million in Homes for Good, Scotland’s first social enterprise lettings agency.
Homes for Good, which specialises in supporting people on low incomes and with limited housing choice, will use the investment to purchase and refurbish up to 50 properties in Glasgow and the West of Scotland.
Currently Homes for Good manages over 500 properties and owns 266 properties and the new investment from SASC’s social and sustainable housing fund (SASH) creates a major step towards its goal of reaching 1,000 properties under management by 2025.
SASC previously provided Homes for Good with a loan of £2.85m from its third sector investment fund in 2018 to buy 53 properties in Glasgow.
Dr Susan Aktemel, founder and executive director at Homes for Good, said: “We are delighted to be working with SASC on a second round of funding, which 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 CEO of SASC, added: “Homes for Good want to lead by example in the private rented sector and to act as a catalyst for change. The SASH-funded 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 (SASH) was launched in May 2019. It is described by SASC as the only fund set up to put ownership of supported housing in the hands of front-line charities working to house the homeless and those at risk of homelessness.
The fund provides flexible secured 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.