Charity seeks investment to boost number of specialist homes for people with a learning disability
Golden Lane Housing has launched the UK’s largest ever unlisted charity bond in a bid to provide more specialist homes for people with a learning disability.
The £10m charity bond, launched by Golden Lane Housing (GLH), the housing arm of learning disability charity Mencap, will raise money to buy homes for people with a learning disability.
GLH said it was the the UK’s largest ever charity bond issue of its kind.
Working in partnership with Triodos Bank, the charity is aiming to raise £10m from a wide range of social investors before the closing date of 30 April 2013.
GLH said the bond issue was the first step in raising up to £30m over the next few years to provide around 250 people with a learning disability the chance to live independently in specially adapted homes.
Only around a third of people with a learning disability live independently and many struggle to compete on the open market, making it virtually impossible to find housing in areas where there is no suitable social housing available.
According to Mencap, 80% of councils in England and Wales report a housing shortage for adults with a learning disability in their areas, with nearly 70% stating this has worsened in the last 12 months.
Alastair Graham, director of Golden Lane Housing said: “In difficult times, we need creative and ambitious solutions. Unprecedented cuts to local authority budgets mean charities must widen their sources of funding.
“We are confident that this bond will raise the capital we need to help us support more people than ever, and in turn create a new model for social investment within the charity and housing sectors.”