An ethical investment scheme will back a warehouse conversion project to tackle the social housing shortage.
Funded by peer-to-peer investment model Abundance, the £31.million redevelopment of a building in Liverpool’s Ropewalks area will create 33 apartments.
The homes will provide emergency accommodation and long-term supported living and affordable properties in the city centre.
A registered social landlord will oversee the scheme and let the one- and two-bedroom properties to ease the burden on local waiting lists.
Measures to tackling the UK housing crisis like Help to Buy have made house builders even richer while ordinary people are still priced out of the market.
There are currently 16,500 people on Liverpool’s council waiting list looking for a home. Figures from housing charity Shelter show more than a million households in line for social housing across England.
Almost 250 families are homeless, in priority need or in temporary accommodation in Liverpool. The Ropewalks development – known as Pax Apartments – will be offered to these families first.
Robert Macmaster is the director of housing developer Octevo Housing Solutions which will convert the warehouse. He said: “Housing is a fundamental need. The security of having somewhere that is ‘home’ is central to people’s well-being and by extension to that of society.
In total, more than 92,000 people have sold The Big Issue since 1991 to help themselves work their way out of poverty – more than could fit into Wembley Stadium.
“We’re offering a viable long-term solution that will ease council waiting lists and prevent housing shortages from continuing to escalate.”
Abundance encourages people to invest directly in individual projects and is focused on environmentally- and socially-friendly schemes. Investors can contribute from £5. They may earn money back on their pledge in the form of a long-term security.
Abundance’s managing director Bruce Davis added: “Measures to tackling the UK housing crisis like Help to Buy have made house builders even richer while ordinary people are still priced out of the market and waiting until they are in their 30s before they can take the first step on the ladder.”