Schroder Real Estate and Civitas Investment Management (CIM)  have reached a second close on their closed-end private Social Supported Housing Fund (SoHo), bringing aggregate equity commitments raised to date to GBP 100 million (US$ 127.56 million).

SoHo will forward-fund the development of brand-new specialist supported housing in the UK, which has been purpose-built to provide safe, lifelong homes for adults with severe disabilities and significant mental health conditions. The homes will enable these individuals to receive dedicated, high-quality care in the heart of their communities and live full, stimulating lives according to their individual capabilities. The housing units already have planning consent and are pre-let on a long-term, FRI, CPI-linked basis to not-for-profit organizations.

The rental obligations are 100% funded by the local authorities in which the residents are located and ultimately paid by the central government as part of its statutory obligation under The Care Act 2014. It is well established that living in the community close to family and friends results in significantly better physical, mental, and social outcomes for residents than institutionalization or long-term hospitalization. This also provides better value for the taxpayer. The 2018 report by Mencap, ‘Funding Supported Housing for All’, found that specialist supported homes such as these cost 11% less than registered care homes and 55% less than in-patient alternatives.