Coventry Church Municipal Charities has been in existence since 1506 and currently operates 73 units of affordable supported living accommodation.
Social Problem
Good quality accommodation is in short supply. Many people don’t qualify for housing benefits but still need access to affordable accommodation, for example to combat social isolation or mobility issues.
Solution
Since it was originally founded in 1506, Coventry Church Municipal Charities has been offering supported living accommodation for people in need within the Coventry area. It began expanding in the 1970s and now currently offers 73 units of accommodation in a mix of heritage and modern buildings.
Loan
A £4 million loan from Charity Bank, alongside a grant from Homes England, is supporting the construction of a new development. Bond’s Lodge is located opposite the charity’s existing site in central Coventry and will offer 45 units of both single and double accommodation.
Impact
Due to open in spring 2020, this new site will significantly increase the charity’s offering and will enable them to provide quality, supported accommodation to more people and families in need within the Coventry area. It will also increase the charity’s income, enabling them to continue expanding services and to help more people.
“Charity Bank gave our Board of Trustees an immediate confidence in their knowledge of almshouses, how we work, our structure and our needs. The fact that they are an ethical lender was also important as this aligned with our overall aims and aspirations.”
“This was a complex build and we had many complications. Throughout, Charity Bank was transparent about their requirements, understanding and helpful.”
Matthew White, CEO and Clerk, Coventry Church Municipal Charities
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,000 loans totalling over £290m to housing, education, social care, community and other social purpose organisations.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.
Last reviewed: 22/04/2020