Peter Bedford Housing Association (PBHA), which provides housing and support services to people who have suffered social exclusion in Hackney and Islington in London, has received a social investment loan of £2.05 million from Social and Sustainable Capital (SASC).
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.
Using the loan from SASC’s Social and Sustainable Housing (SASH) fund, PBHA will expand its housing portfolio and support services into the neighbouring borough of Newham, with plans to purchase 12 one-bedroom flats to house single adults who have been homeless, face challenges through mental ill-health, drug, or alcohol misuse. The loan will also enable them to attract funding from Greater London Authority’s Rough Sleeping Accommodation Programme, so they can operate a recovery service to support people to sustain their tenancies, integrate within their local community and access support services.
This includes employability and skills support already offered by PBHA in Hackney and Islington to develop skills, help people access volunteering opportunities and progress into employment.
PBHA’s aim is to prevent people from returning to the streets and ensuring people at risk of returning to rough sleeping can get the support they need to move on to live independently.
Clare Norton, CEO, Peter Bedford Housing Association said: “We are delighted to be working together with SASC and the GLA to house more people in Newham who so urgently need a secure home. The homes will give people a solid base to continue their recovery journey, to forge their lives away from homelessness, and build their stake in society. This is our first new development of homes in over 20 years, and we are overjoyed to realise this element of our vision. We look forward to exploring further opportunities to provide more homes for homeless people across North East London.”
Ben Rick, Co-Founder and CEO of SASC said, “This is our first SASH investment in London, and we hope the first of several. PBHA is a very proactive housing association, and it has already purchased properties using the loan.
Peter Bedford wants to provide tenants with good quality homes at affordable rents, and great support services which are so vital to helping them get back on their feet and resume their lives – and this loan will support these important goals.”
PBHA is the 14th charity to receive funding from SASH, which is a unique financial product designed with and for the social sector. It is neither a mortgage nor a lease but enables social sector organisations to own their own properties, giving them the flexibility to allow them to best serve their clients.
Deputy Mayor for Housing and Residential Development at the GLA, Tom Copley, said: “Providing more genuinely affordable homes is a priority for the Mayor and me. I am delighted that City Hall has been able to fund this exciting project giving much-needed housing and support to the Londoners who need it most.”
For more information about Peter Bedford Housing Association visit: www.peterbedford.org.uk
For more information on SASC visit www.socialandsustainable.com