​£2 million of funding will secure homes for low income tenants

A social housing project has secured funding to buy 80 properties and rent them back to people on benefits or low incomes over the next two years.

Homes for Good Investments, a Scottish property investment company, acquires and refurbishes properties for rent to social tenants, such as those on benefits or low incomes, creating a pipeline of affordable homes.

It secured a £2 million loan from ethical bank Charity Bank, which matches a £2 million investment from Impact Ventures UK, a social impact fund, to buy the properties over the next two years.

Homes for Good founder and social entrepreneur Susan Aktemel, explained: “We have to address the chronic shortage of homes in Scotland and the team at Homes for Good is passionate about the impact homes have on people's lives.

Homes for Good...has huge potential to be rolled out across the country to help tackle homelessness

“It is so important to have partners that understand what we’re trying to achieve and that are willing to get behind us and our backers Charity Bank and Impact Ventures UK are committed to helping us deliver on our vision.”

Government statistics in 2013 showed there were 185,000 individuals on social housing lists across Scotland and this is anticipated to deteriorate further as the population is forecast to grow. The lack of suitable affordable accommodation is a significant contributing factor to homelessness.

John Barnett, Charity Bank’s lending manager responsible for Scotland, said: “The loan will enable them to offer affordable housing through the use of the private rented sector which is currently largely inaccessible to tenants on housing benefits and in low-income employment due to barriers and biases.

“Homes for Good social business model, the first of its kind in Scotland, has huge potential to be rolled out across the country to help tackle homelessness and social housing waiting lists in the UK.”