SASH II seeks to enable charities and social sector organisations to acquire and own portfolios of property so that they can provide a combination of high quality housing and targeted support to vulnerable people.
The creation of SASH II follows the success of the first fund launched in 2019, which deployed £64.5m to 20 organisations. SASH II has a target size of £125m, and the fund aims to help over 30 organisations purchase 1,000 properties, providing homes for 10,000 people over the life of the fund.
It is estimated that up to 200,000 people in the UK are currently living in housing on a transitional basis before they can return to independent living without the need for additional support. This £2m commitment will enable charities across the UK to support a wide range of vulnerable adults, including people experiencing or at risk of homelessness, fleeing domestic violence, experiencing mental health issues, with drug or alcohol addiction, or who are ex-offenders or asylum seekers or young people leaving the care system.
Vanessa Morphet, Head of the Church of England’s Social Impact Investment Programme, said:
“Our investment in SASH II will support social housing charities to own their properties, enabling them to provide the right combination of safe and stable accommodation and support services to vulnerable people, and to invest in the sustainability and energy efficiency of those properties over time. There is a clear alignment with the mission, and social and environmental goals of the Church’s Programme.”
Ben Rick, CEO and co-founder of Social and Sustainable Capital, said:
“We are delighted to have the support of the Church of England’s Social Impact Investment Programme in SASH II. The fund invests in outstanding organisations that are deeply rooted in their communities. The first SASH fund proved there was unmet need for this type of funding to enable them to deliver more housing with targeted support programmes. Investment from the Church of England’s Social Impact Investment Programme into our second fund will allow us to lend to further organisations across the country at a time when their services are more vital than ever.”
The Church of England’s Social Impact Investment Programme aims to focus on investments that strengthen communities, particularly through access to housing and affordable finance, as well as investments that focus on protecting and sustaining the environment.