Social enterprise rental agency Homes for Good secures £ 3.5million to buy dozens of properties
The cash injection is the second made by Social and Sustainable Capital (SASC) in Homes for Good, which will use the funds to buy up to 50 properties in Glasgow and the West of Scotland for people with disabilities. access social housing, or who are at risk of homelessness.
Properties will be purchased and renovated to provide tenants with safe, affordable and secure housing. These tenants will also be able to access ongoing support with Homes for Good and its partners.
Currently, the social enterprise manages over 500 properties and owns 266 properties. The new investment from SASC’s Social and Sustainable Housing Fund is seen as a major step towards Homes for Good’s goal of reaching 1,000 properties under management by 2025.
SASC previously granted the company a Â£ 2.85million loan 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 rental sector for tenants and landlords by creating a new kind of rental agency.
She said: âA second round of funding will help us deliver more high-quality housing to those who need it most. As the UK continues to experience a housing crisis, it is essential that we innovate in the private sector to help close the housing supply gap, which is exactly what we are doing at Homes for Good .
Ben Rick, co-founder and CEO of SASC, added, âHomes for Good wants to lead by example in the private rental sector and act as a catalyst for change. The properties will help address the shortage of suitable properties in the area and extend their reach to those who may not have otherwise been able to obtain good quality and affordable accommodation. “
SASC’s Social and Sustainable Housing Fund was launched in May 2019. The fund provides loans in the range of Â£ 2-5 million to social sector organizations with experience of providing both housing and a high level of support for disadvantaged clients.
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