First social housing REIT open for bids

Published by Jon Land for 24dash.com in Housing

The first social housing Real Estate Investment Trust (REIT) has been officially launched.

The company behind the REIT, SAF Housing Solutions, says it aims to fill the funding gap in social housing and supported accommodation across the UK.

Local authorities, housing associations, charities and a variety of other organisations are now able to apply for funding through the Houses4Homes REIT via the company’s website.

SAF Housing says it plans to list the company – Houses4Homes – on the Alternative Investment Market in the next two months.

Phil Shanks (pictured), founding director of SAF Housing, explained: “The problems caused by a lack of bank lending in the property market are well known to most people. However, in the area of social and supported living we are dealing with local authorities that are obliged by law to provide accommodation to people that need it.

“We launched the Houses4HomesREIT to bridge a widening gap in the market for easy access to low-cost borrowed funds and demand for supported, extra care and social housing.

“Almost a million UK citizens currently either do not have a home or are living in homes that are unsuitable for their needs. 60,000 disabled people live with parental carers of whom many are growing older and will soon struggle to cope.

"By providing housing associations with access to desperately needed funds at competitive rates, the Houses4Homes REIT will help meet growing demand for social housing.”

Through the SAF Housing funding model, local authorities and housing providers will have access to low cost housing stock outside of the HCA grant process.

Phil said: “Our model will remove the capital repayment of bricks and mortar from the rental system; considerably driving down rents.”

Applications for funding can now be made directly to SAF Housing via the company’s website: www.safhousing.co.uk/funding