New scheme to help Homeless & Rough Sleepers in a first of its kind for the South West

Recent problems in the housing market have highlighted a growing crisis in the South West and coastal districts like Torridge, with a significant reduction in the availability of affordable housing. The latest statistics show that there are nearly 70% fewer properties available for rent and low wage rises against huge hikes in rents being charged have created a very bleak outlook for many, especially those caught out on the margins of society.

However thanks to a successful application to government funding, Torridge is about to launch a £1.5m, three way partnership, to support and tackle the most serious aspects of the housing crisis, revolving around rough sleepers and households suddenly threatened with homelessness. The scheme is being backed by £500k from the government department for levelling up, housing and communities with a similar amount coming from Torridge Council. The remaining money is being made available through a partnership with social impact property fund manager; Resonance. Resonance already has a 20 year track record of finding institutional investors to fund the acquisition of safe, affordable homes with a wraparound support programme, which in the scheme for Torridge, will be provided by another of the council's long term social partners; Encompass. Resonance have already helped to provide homes for almost 3,000 individuals and families in over 1,000 properties, in major cities across the UK but this is their very first scheme in the South West, or outside of a larger urban area, anywhere in the UK.

Resonance will use the funds raised to purchase and refurbish properties, which will then be managed by Encompass with the initial scheme running through to 2035. Encompass will also provide one to one support for the tenants many of whom may not be skilled in managing their own finances or may have other complex needs. The units will be let at an affordable, or so called "local allowance rate", which is currently much lower than the commercial rates being charged for rental properties. In the fullness of time the scheme and support packages are designed to enable tenants to transition from homelessness, to once again becoming part of their community, gaining employment or training, saving for their future, and eventually making a move to their own private accommodation. As well as the homeless the scheme may also extend to vulnerable women and individuals with learning disabilities, which have also been a priority in other schemes.

Councillor Ken James - Leader of Torridge District Council said:

"This is a pioneering scheme in the south-west and a first of its kind locally, although the success of Resonance's partnerships in other parts of the country provides convincing reassurance that the money will be used effectively with tangible results. The real excitement for the Council is that it links the expertise in social fund raising and property acquisition of Resonance, with specialist support services provided by Encompass. This will create long term stability and a much brighter future for those we are able to help through the scheme."

20 October 2022