Social and Sustainable Capital (SASC), the award-winning UK fund manager and social enterprise, has invested £3m from its Social and Sustainable Housing (SASH) fund into Target Housing, a charity that supports homeless people in Sheffield, Doncaster, Rotherham and Hull.
Target Housing was established in 1990 and provides accommodation and support to vulnerable and homeless people who have difficulties sustaining a tenancy. This includes people with complex needs, ex-offenders, those at risk of offending, asylum seekers and people with mental health problems.
The charity manages around 450 properties and owns 31. It recently re-won two contracts in Sheffield and in Doncaster to house homeless people, ex-offenders and people with complex needs and the investment from SASH will be used to purchase a further 30 two-bed and one-bed properties, enabling the charity to optimise the outcomes it achieves under these contracts.
This is SASC’s fifth investment from its ground-breaking SASH fund, which has so far committed £17m since it was launched in May 2019. SASH offers a unique new financial product that is neither a mortgage nor a lease but offers an alternative way for social sector organisations to buy their own properties. It was co-designed with borrower charities whose work with vulnerable people was being hampered through lack of access to safe, stable and appropriate homes.
SASH offers loans between £2m and £5m. The fund has received considerable support, which continues to grow. It launched with over £26.5m of commitments from 19 investors, with target fundraising set at £100m. This will enable SASC to put 1,000 houses in the hands of the third sector and house 10,000 vulnerable people over the next 10 years.
Shaun Needham, CEO at Target Housing said, “This is the first time we’ve taken on social investment and we’re excited about what we will be able to achieve. Through SASH, we have obtained a large injection of funding that will help us purchase better quality houses more quickly than through other funding methods. This will help to secure our future and ensure we can continue helping people in need.”
“Like all charities over the past ten years our funding streams have reduced while demand for our services has grown. Thanks to SASC we will have a bigger portfolio of homes in areas chosen by us, so we can continue delivering our services to vulnerable people. We would highly recommend SASC to other housing charities. Taking on social investment was a huge learning curve for us, but the team at SASC has guided and supported us every step of the way, giving us confidence that we are doing the right thing”, adds Mr Needham.
Ben Rick, Managing Director of SASC said, “We’re delighted to invest in Target Housing, a well-established and highly regarded organisation. In line with SASH’s philosophy Target Housing believes that owning property will lead to better outcomes for its beneficiaries. This deal will be transformative and give Target Housing more control and quality assurance over the properties they house people in.
“SASH seeks to create compassionate, charitable landlords across the UK. It’s our first single-product fund set up to tackle the defining social issue of our time, the housing crisis. After years of working with charities across the UK, we realise that where a person lives can be the crucial factor in whether they can truly flourish.”
For more information visit on Target Housing visit www.targethousing.org.uk.
For more information on SASC visit www.socialandsustainable.com
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Notes for Editors
About Social and Sustainable Capital
SASC provides simple finance for extraordinary charities and social enterprises. We believe greater access to the right kind of investment makes charities and social enterprises better able to tackle society's most pressing challenges. Our funds provide flexible capital to enable social sector organisations to grow their social impact, improving the lives of disadvantaged people across the UK. SASC is a social enterprise.