Golden Lane Housing (GLH), the housing arm of Mencap, has launched a £10 million charity bond which will raise money to buy homes for people with a learning disability. The GLH Bond will be the UK’s largest ever charity bond isue of its kind.
Working in partnership with Triodos Bank, the UK’s leading sustainable bank, the charity is aiming to raise £10 million from a wide range of social investors before the closing date of 30 April 2013. Investors in the bond, which has a minimum investment level of £2,000 per investor, will receive a fixed gross yield of 4% per annum for the five year fixed term.
GLH sees this bond issue as the first step in raising up to £30 million over the next few years, which will mean that, in total, investors will give 250 people with a learning disability the chance to live independently in specially adapted homes.
Just one in three people with a learning disability currently lives 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. Recent Mencap research found that eight in ten councils in England and Wales report a housing shortage for adults with a learning disability in their areas, with nearly seventy percent stating this has worsened in the last 12 months.
Jan Tregelles, Acting Chief Executive of Mencap, said: “There is a severe housing shortage for people with a learning disability. Following the abuse scandal at Winterbourne View, demand for housing is set to grow further because the Government has committed to return many of the 3,000 people currently in long stay hospitals to their local communities.
“Investors in this bond have the chance to transform the lives of people with a learning disability by helping them to live the lives they choose in quality permanent homes.”
For more information and to apply for a bond click here.