British government pumps £20m into Resonance community housing investment fund
The UK government and Gloucestershire Pension Fund have made significant investments in Resonance's housing initiatives, with a focus on providing housing solutions for vulnerable populations, particularly those affected by homelessness.
The UK government has pledged £20 million to Resonance's Resonance Community Developers (RCD) fund, marking the first time the government has supported this approach to financing housebuilding at such a scale. This investment joins the £30 million investment from the Gloucestershire Pension Fund, creating a substantial £50 million investment pool.
The RCD fund, which supports community-led local housing projects, is working with more than 30 community groups across England. It invests not only in affordable homes but also in sports & leisure facilities, low carbon and renewable energy generation, and assets such as community pubs.
Resonance, an active impact investor in housing and projects promoting community cohesion, has already started working with communities to deploy the first £6 million of the fund. The RCD fund provides pre-development support, including feasibility studies, planning, and funding, to community organizations.
One of Resonance's notable projects is the £23 million investment into housing homeless people in Bristol, with two of its funds. The Resonance housing initiative is set to close its current fund, expected to reach around £175 million.
The UK government's new grant funding aims to deliver up to 18,000 new social and affordable homes. In addition, the government is encouraging providers to come forward with projects and bids rapidly to speed up the delivery of new housing supply.
Construction of thousands of new affordable homes is expected to start by March 2027, as part of the UK government's ambitious strategy to build 1.5 million homes in England over the current parliament, which runs until 2029.
Resonance continues to pursue more partners to scale this social housing initiative, with the aim of providing more housing solutions for vulnerable populations and contributing to community development.
[1] Resonance Press Release: Resonance's National Homelessness Property Fund secures £50 million investment from the UK government and Gloucestershire Pension Fund. (2022). [Online]. Available: https://www.resonance.uk.com/news/resonances-national-homelessness-property-fund-secures-50-million-investment-from-the-uk-government-and-gloucestershire-pension-fund/
[2] Resonance Press Release: Resonance's National Homelessness Property Fund reaches £175 million. (2023). [Online]. Available: https://www.resonance.uk.com/news/resonances-national-homelessness-property-fund-reaches-175-million/
- The UK government and the Gloucestershire Pension Fund have made a combined £50 million investment into Resonance's housing initiatives, focusing on providing housing solutions for vulnerable populations, including those affected by homelessness.
- This substantial investment, known as the Resonance Community Developers (RCD) fund, supports community-led local housing projects and invests in assets such as sports & leisure facilities, low carbon energy generation, and community pubs.
- Resonance, a pioneer in impact investing, has already deployed the first £6 million of the fund and provides pre-development support to community organizations.
- One of Resonance's notable projects is a £23 million investment in housing for the homeless in Bristol, with two of its funds. The Resonance housing initiative aims to close its current fund, expected to reach around £175 million.
- In addition to this, the UK government's new grant funding targets delivering up to 18,000 new social and affordable homes, encouraging rapid project submission and housing supply to speed up the construction process.
- As part of the UK government's ambitious strategy, construction of thousands of new affordable homes is expected to start by March 2027, aiming to build 1.5 million homes in England over the current parliament, which runs until 2029.
- To further scale this social housing initiative, Resonance continues to seek more partners, with the goal of providing more housing solutions for vulnerable populations and contributing to community development.
- This significant move towards developing affordable housing is covered extensively in the general news, policy-and-legislation, and personal-finance sectors, as well as in discussions on business, real-estate, politics, and wealth-management. [Sources: 1, 2]
