£10m housing investment fund established for GM’s vulnerable residents

GMCA has invested £10m of the Greater Manchester Housing Investment Loans Fund into new funds for homes for the disabled and those with priority need for social housing.

The £10 million investment is expected to be augmented by contributions from other investors. Social impact investment company Resonance will manage the housing fund, and is expected to enable provision of 100 homes in Greater Manchester.

The Resonance Supported Homes Fund, will be used to buy, refurbish and modify homes for people affected by:

• Learning disabilities
• Autism and neurodivergence
• Mental health needs
• Challenging behaviours; and
• Physical impairments, including those with sensory impairment

Modifications could include wheelchair access, specialised bathrooms, bedrooms and kitchens, and space for carers and assistants with properties leased back to charity partners.

A second fund will use the investment to support the 26,000 people in Greater Manchester in priority need of social housing, and properties will e let through housing associations and supported housing providers. Providers will be required to work within Greater Manchester’s Ethical Lettings Agency framework.

Andy Burnham, Mayor of Greater Manchester, said:

People with learning disabilities such as autism and other disabilities often have a really tough time, living in accommodation that is not suitable for or tailored to their needs.

“We want Greater Manchester to be a place where everyone is supported to achieve their full potential. Investment like this will help provide the homes and support that people with learning disabilities deserve and that will help them to live happy and fulfilled lives.”

Paul Dennett, GMCA Lead on Housing and Homelessness, said:

We urgently need to provide more affordable and specialist housing across Greater Manchester. 

“I’m very pleased to see the Greater Manchester Housing Investment Loans Fund being used in this way and that we are able to make these equity investments into two social impact funds that will help provide many more quality homes, supporting our Ethical Lettings Agency and delivering specialist housing in Greater Manchester.

“It will also attract other social investors to accelerate the impact and scale of our funding.

“It is more important than ever now that we deliver on the ambitions articulated in Greater Manchester’s Housing Strategy because of the impact COVID-19 on the economy and the way people are affected by their housing situation.

“We must take this opportunity to make available the right type of housing. That means more affordable homes, more homes adapted for people’s health needs and more energy-efficient housing – as we continue to build a better and fairer city-region.”

John Williams, Investment Director at Resonance, said:

We are delighted to have this commitment from Greater Manchester, it will mean that we can provide quality affordable specialist accommodation in the region. This commitment will also help us attract other socially minded investors.”

The Greater Manchester housing investment loan fund was created in 2015 and has been used to support projects to build new homes on brownfield sites, in the city centre and across all 10 boroughs. Since launch, it has been used to help provide more than 6,000 new homes.