HACT, a UK charity, partners with housing sector organizations to enhance community benefits through innovative products and services. Central to their approach is the "Social Value Bank," aiding social housing providers in assessing their social return. The Teviot Estate redevelopment exemplifies this approach, with contractors committing to specific outcomes aligned with resident priorities. This groundbreaking methodology integrates social value throughout the regeneration process, ensuring meaningful impact.

HACT, a charity organization based in the UK, collaborates with various entities in the housing sector to drive benefits for residents and communities by offering insight-driven products and services that promote innovation and foster collaboration. One of its notable features is the "Social Value Bank," which aids social housing providers in calculating their social return. This bank comprises 88 outcomes, each with a defined financial metric incorporating wellbeing, health, and potential savings to the state. This lab can show any particular stakeholder the evolution on the social return of a specific project.

The outcomes are developed using a consistent methodology, drawing from over eight years of research and national data surveys. They are based on person-centered principles, utilizing data on self-reported wellbeing and life circumstances to measure actual experiences. The process involves setting up projects, selecting outcomes, establishing targets and budgets, and then using the Social Value Bank calculator to model, monitor, and measure project impacts. Subsequently, meaningful reports can be generated to showcase the achieved impact.

This methodology was applied in the Teviot Estate redevelopment project. After extensive consultation with residents, four priority themes emerged: Community, Homes, Streets, and Parks. The aim was to generate £278 million in social return value. Contractors were required to commit to delivering specific outcomes during the tendering process, with commitments varying based on bid amounts. All partners involved in the project were expected to support social value outcomes from the outset, and contractors worked closely with the Teviot Social Value Manager to develop delivery plans and provide progress reports.

To enhance value for the local community, input from local stakeholders was sought to better understand community needs and services. Additionally, the Community Chest Fund provided grant funding to local groups and businesses contributing to the program's outcomes. This approach represents a groundbreaking use of social value in regeneration schemes, characterized by both the scale of the commitment and the comprehensive integration of social value throughout the regeneration plans, from contractors' commitments to the assurance process.