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NHF launches £15m innovation competition
£15m of funding is available for an innovative idea, as part of a new programme from the National Housing Federation (NHF).
Social investor Big Society Capital is providing £15m for an 18-month competition being run by the NHF’s Futures Programme. The aim of the competition, called Creating our Future, is to generate enough ideas to hold a ‘Futures Expo’ in 2019.
Entries to the competition should be “innovative, socially impactful and financially sustainable” and should be accompanied by a full business model.
Big Society Capital is a so-called impact investor. It makes no profit but instead covers only its own costs, aiming for ‘social return’. It has invested £30m in the delivery of affordable housing to date, providing £15m apiece to Cheyne Capital’s social impact fund and the investment vehicle Funding Affordable Homes.
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James Green, Futures Programme director at the NHF, said: “As successful businesses with strong roots in their communities, housing associations are uniquely placed to respond to the challenges of tomorrow. Innovation is in their DNA, from building good quality affordable homes to ensuring residents have the skills of the future.
“‘Creating our Future’ builds on the sector’s rich heritage and core mission by harnessing the brainpower and drive of housing associations to tackle the big social issues we will face as a country.”
Cliff Prior, chief executive of Big Society Capital, said: “We are proud to be a core partner with the National Housing Federation in this transformational project. Housing associations have successfully risen to the challenges of social issues on many occasions.
“The Futures Programme will contribute to them doing do so again, using all the new technology and innovations that are available. Our £15m investment for groundbreaking, financially sustainable ideas demonstrates our commitment to working together to improve people’s lives through housing.”
