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L&Q invest £10 million to house the homeless

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L&Q invest £10 million to house the homeless

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Published by Max Salsbury for 24dash.com in Housing and also in Communities, Finance

L&Q invest £10 million to house the homeless L&Q invest £10 million to house the homeless

London and Quadrant (L&Q) has announced a £10 million investment to anchor a property fund which has been set up to provide former homeless people with a place to live.

The commitment to support homelessness charity Broadway’s Real Lettings Property Fund is the largest single injection into a UK social impact investment fund.

The housing association is hoping to launch the fund before Christmas, and is currently talking to a number of other interested investors whose input it hopes will see the fund swell to £20 million.

It will address the gap between market rented homes and social housing by acquiring up to 260 one or two bedroom flats in Greater London, which will be let by Broadway to people moving on from hostels or temporary accommodation and who are unable to secure a private tenancy.

Waqar Ahmed, Group Director of Finance at L&Q, said: “We have worked with and supported Broadway for many years and have a very strong partnership with them. Their role is essential and closely aligned to our own social mission, but Broadway also have the specialist expertise necessary for working with this vulnerable client group at ground level.

“The £10 million we are putting into the Real Letting Property Fund is both a financial investment and a social investment for L&Q. We are committed to reinvesting every penny of our financial surplus back into homes, services and communities, and this £10 million will be invested through our L&Q Foundation.

“We are confident that the Real Letting Property Fund will be a success and we are proud to support an initiative which will help take people off the streets, give them somewhere to call home and enable them to make a fresh start in life.”

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