Social impact investment company Resonance and homelessness charity St Mungo’s have launched the National Homelessness Property Fund, expanding the model the pair have used successfully in London for the past three years.

The fund will be investing in residential property to let to individuals and families who have been homeless, or are at risk of homelessness. Properties will be managed by St Mungo’s social lettings agency Real Lettings.

Oxford, Milton Keynes, and Bristol councils have each invested £5m into the NHPF, with matched investment of £15m from Big Society Capital. The fund aims to raise further investment in mid-2016 and achieve a total size of £60m to £100m over the next two years.

Resonance and St Mungo’s have used this model with the Real Lettings Property Fund in London, which raised investment of £57m. The RLPF will soon complete the acquisition of a portfolio of over 300 properties in London, helping around 1,000 people who faced homelessness.

As with the RLPF the National Homelessness Property Fund will measure the positive impact on tenants, including improvements in their ability to access other private rented sector accommodation.

Tenants are also supported to progress towards employment and build resilience against homelessness through social connections and financial management skills. In its second social impact report last year, the RLPF reported a 98 per cent success rate in tenants maintaining tenancies, alongside other positive indicators of impact.

St Mungo’s chief executive Howard Sinclair said a shortage of genuinely affordable housing is contributing to rising homelessness and rough sleeping, and the work with Resonance is about finding new solutions to the problem.

“The new national fund will help people stay within their local support networks, to keep their kids at school and to move towards securing longer term tenancies. We very much want this new fund, based on partnership working, to be available to help more people where and when they need it.”

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