Milestone reached in philanthropic savings accounts
Last year we launched a unique savings account to help charity Framework mortgage essential move-on accommodation. Since launching, savers have invested over a quarter of the £800k we’re loaning to Framework to enable them to build 14 units of crucial move-on accommodation.
The initiative was launched last year as part of a £10m investment plan to provide 150 housing units for the homeless. Supported by a mortgage from The Nottingham, every deposit made helps Framework by offsetting the cost of mortgage interest payable.
Chris Senior, Capital Fundraising Director says “We’re delighted that so many supporters have chosen to invest in these unique accounts helping us to provide a lifeline to so many people for years to come.”
Monks Road in Lincoln opened in November 2013 and has six move-on units. One of the residents, Amy, 18, became homeless as a result of family breakdown. She had nowhere to go and was worried that she would end up sleeping rough.
Since living at Monks Road her life has changed dramatically and she is now almost ready to move out. She says “Before I got help from Framework and moved in here my life was a complete mess. When I first left home I was able to stay with a friend for a bit but that didn’t work out and I had to leave. I was so lucky that I was able to move straight into Monks Road in November. I was so excited to have somewhere to live that was my own and relieved that support was still here for me if I needed it.”
“Living here has been fantastic for me and has had a big impact on my life. I have become more responsible for myself. I’ve learned that I have to pay my bills, my rent and my TV license for myself.”
If you’d like to invest and help support Framework, take a look at our ‘Affiliate accounts’