Hull and East Yorkshire Mind (HEYM), a mental health charity and a Registered Provider of supported housing, has received its first social investment loan from Social and Sustainable Capital (SASC). The loan of £2.65 million will be used to purchase properties and improve the accommodation it provides for adults and young people experiencing poor mental health.
Founded in 1976, HEYM operates as part of the wider Mind Federation, supporting adults and young people locally across Hull and East Yorkshire. They provide a range of support to people experiencing mental health problems such as anxiety, depression, and more complex needs, like bipolar disorder and psychosis.
Good quality housing is essential for good mental health and the charity provides a range of specialist housing services to meet an individual’s needs. HEYM housing services include short and long term housing options, a service for young people at risk of homelessness and a specialist provision for individuals leaving hospital.
Using the investment from SASC’s Social and Sustainable Housing (SASH) fund, the charity will purchase 21 two, three and four bed properties. This will increase its portfolio of rented and owned properties by 20%. With these additional beds, HEYM can support more people and respond more quickly to those in need of accommodation at short notice.
Some properties will be used by Wellington Care, a wholly owned subsidiary of the charity that provides tailored support for adults with severe, long-term mental health needs, and/or people who have additional needs alongside their mental health such as a learning disability, autism, or a physical health problem.
HEYM is the 11th charity to receive funding from SASH, which is a unique financial product designed with and for the social sector. It is neither a mortgage nor a lease but enables social sector organisations to own their own properties, giving them the flexibility to allow them to best serve their clients.
Emma Dallimore, Chief Executive, HEYM said: “Working with SASC and taking on social investment for the first time will be a game changer. We will own our own properties, have greater control and not be so beholden to landlords. This also means we can provide the standard and quality of accommodation our beneficiaries deserve and have more flexibility to offer bed spaces immediately to those in urgent need. Another benefit is that we will own these assets which will make us more financially secure and sustainable too.”
Ben Rick, Co-Founder and CEO of SASC said, “Since the pandemic there has been a growing demand placed on mental health charities like Mind. We are pleased to be supporting HEYM with finance to buy properties, allowing them to help more people with mental health issues. We hope to work with other charities is this space and enable them to provide safe, stable and appropriate housing in a financially sustainable way.”
For more information about Hull and East Yorkshire Mind visit www.heymind.org.uk.
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