Mencap raises £10m for supported living

Charity Mencap announced last month that it raised £10m to fund permanent homes for people with learning disabilities. Its housing service, Golden Lane Housing, launched a charity bond in February this year alongside Triodos Bank (CCMn March 2013) and funds raised are now being used to acquire freehold properties which will be adapted for people with learning disabilities. Mencap said that the £10m scheme has been oversubscribed by people looking to invest in a bond that gives a social as well as financial return, with a fixed gross yield of 4% per annum for the five year fixed term. Five properties have already been acquired and the new residents have begun to move into their new homes. Due to the success of this first bond, Golden Lane Housing may look to launch further bond issues in the future to help provide more homes for people with a learning disability. Director of Golden Lane Housing, Alastair Graham said: We have a pipeline of future properties for purchase all across the country to enable people currently living in inappropriate institutional settings, or with parents who can no longer cope, to live with support in the community. These homes will be a lasting legacy for future generations of people with a learning disability. We’re considering whether a further bond issue will allow us to do even more.’