Peter Bedford Housing Association (PBHA), has received a second social investment loan of £1.652m from Social and Sustainable Capital (SASC) to expand its portfolio of supported housing in Newham, London.
Set up in 1971, PBHA is a Registered Provider (Housing Association) and provides housing with support and access to community activities, training and employment for people who have suffered from social exclusion. Its aim is to prevent people returning to the streets and helping them get the support they need to move on and live independently
SASC made its first investment of £2.05m from its Social and Sustainable Housing (SASH) fund in December 2021 to enable PBHA to purchase 12 one-bedroom flats in Newham to house single adults who have been homeless, or face challenges through mental ill-health, drug, or alcohol misuse.
The second loan will fund nine self-contained units in the same area. PBHA will use the additional properties to operate a recovery service for single homeless adults in Newham mirroring the one it runs in Hackney and Islington.
PBHA also receives funding from Greater London Authority’s Rough Sleeping Accommodation Programme, to fund their recovery service which helps people to sustain their tenancies, integrate in the local community and access support services. This includes employability and skills support and helping people access volunteering opportunities and progress into employment.
Government figures in July show 74,230 households in England became homeless or were at imminent risk of becoming homeless between January and March 2022. This represents an 11% rise in three months, and a 5% rise on the same period last year[i].
Clare Norton, CEO, Peter Bedford Housing Association said: “The initial funding from SASC put us in a good position to go out and find additional funding from the Greater London Authority (GLA). We have since become a GLA Investment Partner which will offer future avenues for investment. This has enabled us to really grow our purpose and meet more need in different areas, and with the cost-of-living crisis, the need is becoming more apparent every day.
“To be able to give former rough sleepers their own front door, their own place where they can cook their own food and just be themselves, and have that sort of freedom again, is vital. This second investment will help us to grow even further as we’ll have more assets from which to build more properties in the future or to borrow money against. Social investment has given us the opportunity for a strong future and to meet the ongoing demand for supported housing.”
Ben Rick, Co-Founder and CEO of SASC said, “PBHA were our first investee from our SASH fund in London. They have a great deal of experience in providing housing and support for socially excluded people and helping them get back on track with their lives. This second loan will enable them to provide further help to people that need it most.”
As of September 2022, SASH was fully committed, having allocated £64.5m of invested capital to charities across the UK. The successor fund, SASH II, launches this autumn, to provide a continuity of funding to frontline providers.
The fund will support charitable organisations that deliver a combination of support and housing move from renting existing housing stock to owning it. SASH II is open for fundraising and targeting £125m.
For more information about Peter Bedford Housing Association visit: www.peterbedford.org.uk