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Government partners with private investors to buy £30m homelessness accommodation
A new pilot scheme will see the government match a £15m investment from a social impact investor to provide 200 move-on homes for rough sleepers and those at risk of homelessness.
The pilot, announced today, will run for three years in Greater Manchester, London and Teesside with a smaller number of homes provided elsewhere in England.
Big Society Capital, a social impact investor, will put up £15m for the scheme which will be matched by £15m from government.
The grant will fund the purchase of existing housing from the property market in partnership with local organisations and make them available at local housing authority rent levels to ensure they remain affordable, government said.
Tailored support from charities and social enterprises that specialise in housing vulnerable people will be available to help residents maintain their tenancies, including addiction services, education and employment support and counselling.
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Eddie Hughes, minister for rough sleeping and housing, said: “I am delighted to announce this partnership with Big Society Capital that will see a total of £30m invested in new homes for rough sleepers.
“Over 37,000 people have been housed through Everyone In and this social investment pilot will help to provide additional settled accommodation and support to help rough sleepers off the streets permanently.
“This pilot is part of the government’s much wider action with a further £750m investment this year to help end rough sleeping for good.”
Big Society Capital recently invested in a new fund set up by Man Global Private Markets which aims to provide affordable housing for those earning median income and below.
Anna Shiel, head of origination, Big Society Capital, said: “This partnership between central government and Big Society Capital is the first of its kind, and a promising demonstration of the role social investment can play in delivering national policy objectives aimed at ending rough sleeping and homelessness.”
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