Greater Manchester Pension Fund's £20 million investment in Resonance's National Homelessness Property Fund 2 aims to refurbish homes for families in temporary accommodation, addressing the UK's housing crisis while generating stable returns.

Target Information

Resonance's National Homelessness Property Fund 2 (NHPF2) seeks to address the pressing housing crisis in the UK by purchasing and refurbishing stable and affordable homes for those facing homelessness. This initiative is made possible through investments, particularly from pension funds, that aim for both social impact and financial return. Specifically, Greater Manchester Pension Fund has committed £20 million to NHPF2, with a substantial portion allocated to refurbishing homes for families currently in temporary accommodation.

Industry Overview in the UK

The UK is currently grappling with a significant housing crisis, characterized by a shortage of affordable homes and an alarming rise in temporary accommodation usage. Recent government initiatives aim to construct 1.5 million new homes; however, there is a growing recognition that new supply alone will not resolve the underlying issues of homelessness and inadequate housing quality. There are over a million houses sitting empty, including more than 260,000 classified as 'long-term empty'. This presents an opportunity to repurpose existing real estate to help alleviate the crisis.

While new housing developments are essential, the reality is that the housing crisis requires a multifaceted approach. Approximately 80% of the homes we will have by 2050 are already built, making it essential to focus on maximiz