Stock Exchange sees first charity bond to buy houses for people with learning disabilities
Published by Max Salsbury for 24dash.com in Housing and also in Development
Stock exchange sees first charity bond to buy houses for people with learning disabilities
The first charity bond to be listed on the London Stock Exchange’s order book for retail bonds will buy houses for those with learning disabilities.
The proceeds of the bond will enable Mencap’s housing arm, Golden Lane Housing, to invest in buying and adapting housing for people with a learning disability in their communities.
The houses and bungalows will provide a lasting legacy for future generations of people with a learning disability.
The bond has been launched via Retail Charity Bonds Plc, an independent non-profit special purpose vehicle.
Retail Charity Bonds Plc is an initiative of Allia, a community benefit society with exempt charity status, and established in association with Canaccord Genuity.
Only 16% of people with a learning disability live in supported housing in the community. Most live with friends and family or in residential care.
Many people with a learning disability struggle to compete on the open property market, making it virtually impossible to find housing in areas where there is no suitable social housing available.
The 2014 Retail Charity Bond follows on from GLH’s previous £10 million corporate bond issue which closed in July 2013, which has now been invested in buying and adapting 27 high quality houses and bungalows in community settings across the country which have become home to 99 tenants with a learning disability.
Mencap works with GLH and local authorities to identify and create a national pipeline of schemes.
Based on current accommodation trends and population growth, it is estimated that there will need to be more than 14,000 extra accommodation places in England and Wales over the next 15 years for people with a learning disability.
Jan Tregelles, chief executive of Mencap, said: “People with a learning disability are facing a housing shortage. Most people with a learning disability want greater independence, and families want to know their loved ones are settled and supported in long term housing, which will meet their needs for years to come. In 2011 over 8,000 people with a learning disability were newly referred to local authorities for housing support.
"Alongside this, nearly 10,000 people were on housing waiting lists. When we add to this the thousands of people who will be returning to their communities from in-patient settings, the scale of the challenge becomes clear.
“Providing a home for people with a learning disability, transforms their lives and helps them to live the lives they choose in quality, permanent homes within their local communities.”
GLH and Mencap have also worked in conjunction with Nottinghamshire County Council. Mark Jennison-Boyle, Team Manager of Supported Living Commissioning Team at Nottinghamshire County Council, said: “Over the last year or so we have worked closely with Golden Lane Housing and Mencap to develop quality supported housing for people with a learning disability. Occupational Therapy staff and Care Managers helped Golden Lane Housing to identify and make the necessary adaptations to four large wheelchair accessible bungalows including specialist tracking hoists and bathing facilities.
“Through our partnership approach we have been able to move 16 people from residential care homes and long stay hospitals to some fantastic bungalows which have a much more homely feel and are more suited to their needs. Care managers and Mencap staff have seen some wonderful improvements in confidence and behaviour.
“This demonstrates the benefits people gain from supported living which is being provided at no extra cost to the local authority.”
One person in Nottingham to benefit from the last bond was Roger Kiff who has a learning disability and has also been diagnosed with dementia.
The residential care home that Roger was living in closed in 2013.
GLH used their last bond to buy several properties for people with a learning disability whose care homes faced closure, including Roger.
Roger was housed in a nearby bungalow which he now shares with three other people. Mencap are able to provide a good level of support with more one-to-one time. Amongst other benefits, Roger has more opportunity to chose what he wants to do and the care he wants to receive, as well and greater security in his home.
Tom Kiff, Roger’s father, said: “I’m so pleased a place came up down the road from where Roger was living. Golden Lane Housing made so many changes so it was right for everyone – new rooms, more space created for wheelchairs, tracking hoists, and wet rooms and specialist baths were put in. Roger visited it with his support staff and was very happy to be moving there.
“Roger has always been a homely person and this really is home. He’s settled which is what I wanted before the dementia makes his memory fade further. He gets on great with his friends and the staff, his needs are being met and the bungalow is lovely. He loves peace and quiet. The house is very spacious with a beautiful garden which is a haven for the birds. It’s perfect. Now he’s got the security I always wanted for him, I’m very pleased with everything.”
Joni was supported to live independently in a property owned by GLH after spending 10 years in an assessment and treatment unit.
Rob and Sharon Riggs, Joni’s parents, said “After 10 long years at West Heath, we were so pleased that Joni was finally moving into her own home with the right support. We couldn’t ask for more.
"The house is well maintained and there have been further improvements over the years. It’s close to the centre of Liskeard and she is part of her community, enjoying going shopping and being out and about. Over the past few years she’s started going on holiday which is a big achievement.
“She has a routine, choosing what she wants to do which is also developing her skills and helping her independence grow. Her brother goes round for tea and we pop round for lunch or go for a picnic which could never have happened before.“