Social investment pilot to finance 200 homes for rough sleepers

Eddie Hughes has announced more rough sleepers and individuals vulnerable to homelessness will be supported into accommodation via a new social investment pilot and build over 200 move-on homes.

The Rough Sleeping and Housing Minister said that the three-year pilot will see £15 million of government funding coupled with one more £15 million provided by Big Society Capital, a leading social impact investor, to provide over 200 move-on homes for rough sleepers and those at risk of homelessness.

The grant will fund purchasing existing housing from the property market together with local organisations making them offered at Local Housing Authority rent levels to make sure they remain affordable. This really is part of the government’s much wider action to tackle rough sleeping and homelessness having a further £750 million of investment this year alone.

The pilot will provide homes in Greater Manchester, London and Teesside having a smaller quantity of other homes provided in areas across England. The pilot marks the first time the department has utilized social impact investment to finance new homes.

Hughes said: “I'm happy to announce this partnership with Big Society Capital which will see a total of £$ 30 million committed to new homes for rough sleepers. Over 37,000 people have been housed through Everyone In and this social investment pilot will assist you to provide additional settled accommodation and support to assist rough sleepers off the streets permanently. This pilot is part of the government’s much wider action with a further £750 million investment this season to assist end rough sleeping for good.”