Golden Lane Housing, the housing arm of Mencap, used social investment to buy homes for people with a learning disability.
There is a lack of appropriate supported accommodation for people with learning disabilities who often live in large institutions which are far away from home or stay with family members who are increasingly unable to cope.
Golden Lane Housing provides quality supported housing for people with a learning disability so that they have a choice about where they live, who they live with and what type of support they receive.
£11 million was raised in eight days in the first ever charity bond to be listed on the London Stock Exchange. This is being used to buy and adapt 30 properties which for people with learning disabilities. Rental income, including housing benefits, will be used to pay interest to investors and cover costs of management and maintenance.
The charity has invested over £83 million to buy or lease 700 homes for 1,320 people with learning disabilities to date. 90% of tenants report a high level of satisfaction with their homes and many have found a new lease of life as they are more confident and engaged in their local communities. The 2014 bond is enabling Golden Lane Housing to provide high quality, supported housing in the community for a further 120 tenants.
The publicity from the charity bond has helped to raise awareness about learning disabilities.
Alastair Graham, Director, Golden Lane Housing
We value targeted investments that have a clearly defined and direct social purpose where we can identify the exact outcomes of the issue. Golden Lane Housing was the first issuance on the Retail Charity Bond platform which enables liquidity and supports the growth of a mainstream charity bond market.
Simon Bond, Threadneedle Investments