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.