Resonance ‘Everyone In’ Fund Raises £16.5m to Help Tackle Rough Sleeping in London

Bharat Mehta CBE, Chief Executive Trust for London.

Resonance, a leader in homelessness property funds in the UK announces the second close of the Resonance Everyone In fund has taken the fund size to £16.5m, which will go towards fighting rough sleeping in London.

The fund launched in March 2021 with £12.5m seed investment as a response to the increasing demand for decent housing for rough sleepers in London.

John Williams, Managing Director of Property Funds at Resonance, said, We are incredibly grateful to receive this additional investment from our four new investors, who clearly want to be a part of the housing solution for London’s rough sleepers.”

2020 made the vulnerability of rough sleepers very aparent. Rough sleepers often have a higher rate of underlying health conditions and sleeping rough makes it much harder to follow advice on social distancing, good hygiene and self-isolation.

During 2020 around 37,000 people were successfully moved off the streets and into emergency accommodation as part of the Everyone In scheme. However the strained economy has led to a rise in unemployment, so there is likely to be an impact on homelessness with numbers of rough sleepers likely to increase in the longer-term.

Bharat Mehta, Chief Executive, Trust for London, said, “As we contemplate moving from the acute phase of the COVID-19 crisis towards a new normal, it is increasingly clear that it is excluded and disadvantaged communities who have (and continue to) feel its impact the most. 

Williams contniued, “The fund now stands at £16.5m, enabling it to commit to buying and refurbishing sixty properties in the capital which – over the fund’s lifetime – are expected to house around 200 people, helping them to become settled and able to start making positive plans for their futures.”

The Everyone In fund will focus on purchasing affordable homes in London with the aim of providing sixty homes for people sleeping rough on London’s streets. The fund has started buying one-bedroom and studio properties which are currently undergoing refurbishment, with the aim for tenants to start being housed from mid-July.

The fund leases properties to its partner, leading social justice charity Nacro, providing people who are rough sleeping, or in a hotel or hostel accommodation with a settled home. Earlier this year Nacro secured funding from the Greater London Authority – one of the initial investors into this fund – to provide a specialist support service for the fund’s tenants for four years.

Simon Hughes, Head of Housing and Support at Nacro, said, “We know Rough Sleeping has a devastating impact on communities, people’s lives, health and future so we are delighted that the Resonance Everyone In fund is on target to acquire homes where Nacro can deliver the support to enable people to thrive and move towards lasting independence away from the street. 

Hughes concluded, “Holding on to a home in these difficult times is a vital step in helping people to move on with their lives.”

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