Manchester-based social impact investor Resonance has secured a £1 million equity investment from the Nationwide Foundation to bring long-term empty properties back into use as affordable housing.

The capital has been allocated to the Resonance Community Developers (RCD) Fund, which provides secured loans to community organisations to acquire and refurbish vacant properties. When blended with government grant funding, the initial commitment totals at least £1.67 million to support projects across the UK.

The initiative aims to deliver a scalable, replicable financial model that can attract further institutional investment into the empty homes sector. By structured reinvestment of loan repayments, the fund is designed to recycle capital to extend its long-term operational impact.

According to data from the Empty Homes Network, there are currently more than one million empty properties in England, with over 309,000 classified as long-term empty (unoccupied for six months or more). The project launches at a time when the UK government is under pressure to meet its target of building 1.5 million new homes by 2029. Repurposing existing stock avoids the lengthy planning regulations associated with new-build developments, offering a faster, more sustainable route to market within established infrastructure.

Properties supported by the RCD fund will be developed via organisations with asset locks. This legal structure ensures the homes remain dedicated to community benefit and protected against future market rate inflation. The initial funding phase expects to bring 30 to 40 properties back into circulation.

Kate Markey, CEO at Nationwide Foundation, said: “This partnership is about turning empty properties into real opportunities for people and communities. Home should be the foundation of our lives, yet we have record numbers of people living in temporary accommodation, awaiting social housing or living in unsustainable private rented homes … whilst too many properties sit unused.

“By working with Resonance, we’re supporting a practical, scalable solution that brings those homes back to life - helping more people access safe, affordable places to live while creating lasting social impact. We hope local authorities, investors and community-building organisations are inspired to join us.”

Daniel Brewer, CEO at Resonance, added: “There are over 1 million empty homes in England, including over 300,000 which have remained unoccupied for longer than six months. Meanwhile, communities remain in dire need of housing. This needs to change.

“Nationwide Foundation’s £1m investment into the Resonance Community Developers Fund is a powerful demonstration of what mission-driven capital can achieve. It will unlock empty homes, support local regeneration and create lasting impact in areas where affordable housing is desperately needed.”