The Greater Manchester Combined Authority (GMCA) has invested £10m into creating more specialist supported housing and affordable housing for the city region.
The city region’s leaders have agreed to make £10m available from the Greater Manchester Housing Investment Loans Fund to put into two new social impact funds.
These two funds, which will be managed by the social impact investment company Resonance, will be used to buy, refurbish, and modify homes for people with disabilities and people in need of social housing, respectively.
The combined authority says the £10m investment, which is expected to be doubled by other social investors to at least £20m, will enable up to 100 homes to be provided in Greater Manchester over the next two years.
Andy Burnham, Mayor of Greater Manchester, said: “People with learning disabilities such as autism and other disabilities often have a really tough time, living in accommodation that is not suitable for or tailored to their needs.
“We want Greater Manchester to be a place where everyone is supported to achieve their full potential. Investment like this will help provide the homes and support that people with learning disabilities deserve and that will help them to live happy and fulfilled lives.”
The first fund, the Resonance Supported Homes Fund, will be used to purchase and prepare homes for people affected by learning disabilities, mental health needs and physical impairments.
The properties – which will be kitted out with modifications such as wheelchair access, specialised rooms, and space for carers and assistants – will be then be leased to local charities.
The second unnamed fund will be used to acquire homes for people who are in priority need of social housing in Greater Manchester – currently estimated to be over 26,000 people.
The homes will then be let through specialist housing providers such as housing associations or supported housing providers, or private landlords who meet the standards of Greater Manchester’s Ethical Lettings Agency framework.
Paul Dennett, GMCA lead on housing and homelessness, said: “It is more important than ever now that we deliver on the ambitions articulated in Greater Manchester’s Housing Strategy because of the impact COVID-19 on the economy and the way people are affected by their housing situation.
“We must take this opportunity to make available the right type of housing. That means more affordable homes, more homes adapted for people’s health needs and more energy-efficient housing – as we continue to build a better and fairer city-region.”