Homes for Good used social investment to buy houses that it then rents to vulnerable people on lower incomes.
One letting agency hung up on me when I told them I was on benefits. I felt there was no way forward until Homes for Good.
Marilyn, Homes for Good tenant
In Glasgow, the quality of housing and landlord services at the lower end of the private rental market are generally poor. Vulnerable people and those on low incomes living in some of the most deprived areas of the UK struggle to find a happy, secure home.
Homes for Good buys and refurbishes properties, increasing the supply of good quality housing in the private rented sector and improving the standard of accommodation for vulnerable people.
The investment was raised to provide the equity piece in property purchases. It could be repaid in a number of ways at the end of the eight year term, including refinancing through an increase in the portfolio’s value, or selling the properties, preferably to first-time buyers.
Homes for Good will support more than 500 people on benefits, low incomes and those at risk of homelessness over the eight-year investment. They will also support asylum
seekers, victims of domestic abuse and disabled people, making better quality housing available to vulnerable people in Glasgow.
Homes for Good purchases, refurbishes and lets out properties to social tenants in Glasgow. We made the investment because the initiative has deep social impact, a sustainable business model and a backable entrepreneur with the right blend of skills and motivations.
Chris Hunter, Investment Manager, LGT Venture Philanthropy