Funding Affordable Homes


Funding Affordable Homes (FAH) is a social impact investment fund set up in 2015. Its purpose is to build and buy affordable housing to deliver financial and social returns for both communities and investors.

Cording Real Estate Group, which is part of the Edmond de Rothschild investment platform, provides real estate and investment advisory services to Funding Affordable Homes.


The Good Economy has acted as social impact advisor to FAH since 2015. Our role is to help FAH measure, manage and report on the social impact of its investments. We aim to make impact considerations an integral part of investment decision-making, alongside traditional financial investment considerations of risk and return.

The Good Economy helped design an Impact Measurement and Management System for FAH including defining its’ impact objectives, a Theory of Change and a process to assess impact at every step of the investment process, including the design of an in-house social impact screening tool.

We now carry out field-based social due diligence on all projects and prepare FAH's Annual Social Impact Report. The annual performance review is based on a mix of quantitative and qualitative data. We take a stakeholder-driven and outcomes-focused approach to our work, ensuring end-user voice is captured and analysed as part of impact performance.

These services ensure that FAH has a high level of transparency and accountability to all stakeholders, including its investors, partners and tenants.

FAH Listing2
The Good Economy has helped us ensure we can demonstrate each of our investments is achieving tangible and measurable social impact.
Paul Munday, Fund Manager, Funding Affordable Homes
Delivering quality housing that forms the bedrock of a better life and contributes to personal and societal well-being is the ultimate social goal of Funding Affordable Homes.
Lord David Triesman, Director, Funding Affordable Homes

As of June 2019, FAH has committed £171.5m to 11 housing schemes, which are expected to provide 871 homes to over 1,400 people.

The Good Economy’s latest Impact Report finds that:

  • FAH is delivering on its social objective of increasing the provision of good quality, affordable housing for those in social need. It has funded a range of housing schemes including homelessness accommodation, extra care housing for older people and general needs social and affordable housing.
  • FAH has high levels of additionality making a significant contribution to the building of new affordable housing that would not necessarily have been built otherwise. The team’s deep social housing experience and networks help make new affordable housing projects happen.
  • FAH is committed to measuring and reporting on its social impact and continually reviews its impact measurement and management systems.
The portfolio as of June 2019 across 11 housing projects
The number of homes to be delivered by these 11 housing projects
The number of people who will be benefit from this affordable, quality housing
The percentage of FAH projects located in the 20% most deprived local authorities in the UK
The number of beds in a hostel run by YMCA and converted from an office block in the centre of Luton
Two independent living housing schemes for older people in Harwich and Walton-on-the Naze in Essex