Seven of our investments across the Social Sector Funds (9%) provide subsidised housing for vulnerable young adults and families at risk of becoming homeless. These organisations also provide a range of other support services to help young people into education, training or employment, reducing the risk of homelessness.
By way of example, The Ethical Housing Company (TECH), a portfolio company of Bridges Evergreen Holdings, intends to boost the supply of decent affordable rented accommodation in Teesside. TEHC will acquire suitable 1-3-bedroom properties, and – through its partner The Ethical Lettings Agency (TELA) – rent out this accommodation out to people in housing need (including those on benefits). TELA will always make sure that potential tenants can afford their bills, and then through its management services, support the tenant to ensure they can sustain their tenancy for as long as they need. By building and sustaining a portfolio of well-maintained houses with stable tenancies, the TEHC and TELA partnership will also help to support vulnerable individuals, local communities and protect value in the local housing market.
In our property funds, all residential investments during the year have an allocated proportion of affordable homes as part of the development.