The Greater Manchester Combined Authority has backed UK social impact investment firm Resonance to raise an initial £10m (€11m) for a newly launched supported homes fund.
The Resonance Supported Homes Fund has received £5m each from the Greater Manchester Combined Authority and social impact investor Big Society Capital, as well as a £250,000 capital commitment from Barrow Cadbury Trust.
The manager, working alongside charity partners Reside Housing Association and United Response, said the fund aims to provide supported homes for people with learning disabilities, autism and mental health challenges.
The fund expects to buy, refurbish and adapt or build residential properties in communities, initially with half of the funds raised to date being invested in property in Greater Manchester and the rest for homes in other targeted regions and then rolled-out across the UK to meet the specific needs of every individual, the manager said.
Simon Chisholm, Resonance’s CIO, said: “The initial investments from Big Society Capital, Greater Manchester Combined Authority and Barrow Cadbury will enable us to attract like-minded investors into the fund so that we can purchase even more homes for people with learning disability, autism or mental health problems currently still living in inappropriate accommodation.”
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