A new community share issue will allow the public to get involved in providing more housing for vulnerable people in Cornwall.
Set up in 2007, Mustard Seed Property (MSP) has since gone on to raise £1.2million of community share capital, which has enabled them to buy three properties for people most in need of housing, such as people with learning disabilities, those recovering from addiction and individuals facing homelessness.
With 22,000 households on the Cornwall Council housing waitlist, the need for stable homes is of huge importance and the alternatives have been described as "deeply unacceptable", with too many facing rough sleeping as the only option.
To tackle this, charitable community benefit society MSP has ambitions to buy and develop high quality, low carbon properties and lease them to partner charities and social enterprises across Cornwall and the Isles of Scilly through crowdfunding from people and organisations who care about the county.
The new share offer, which has opened this week, aims to raise £1.8million.
The money will be used to repay the short-term development loan which was needed for property refurbishments nearing completion and to purchase and refurbish two more properties urgently needed by MSP’s partners in Cornwall. Those who invest in the fund should earn a target return of 4% interest.
Mustard Seed Property bought its first property in Helston in 2007 after raising funds from a share issue with the backing of just 25 individuals.
Alongside local charity St Petrocs, it has since provided accommodation for more than 40 vulnerable adults, the vast majority moving successfully into permanent homes elsewhere in Cornwall.
One tenant, Jonathan, said: “I was sleeping in a car after my mum died and I was evicted from our home of 50 years. People put in a good word for me with St Petrocs and coming into this house, well, all my worries were answered!
“I now have an address to look for work and have a safe home.
"Sharing a house was a challenge, but it’s the only answer when you have little hope of getting back into employment or housing.”
One of the founding directors of MSP, Liz James, has seen first-hand how St Petrocs’ work is helping people. She said: “I’ve been to visit and spoken to the tenants there. They were so pleased to have a home and to be surrounded by a friendly group of people to support them – and help them on their way to moving into their own rented accommodation.”
In its 2020 share offer, MSP raised more than £600,000 to acquire and refurbish a second property, St George’s, in Newquay. This property is led to the Newquay Lighthouse Project CIC and houses up to eleven men recovering from addiction.
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MSP’s third property in Redruth is under redevelopment. This property will help MSP partners United Response and Karrek Community CIC provide homes for five adults with learning disabilities where they will have the opportunity to flourish in a safe and supported environment.
Adam Langer of the Newquay Lighthouse Project said: “The people coming in here who have been homeless are not used to this quality of accommodation and that makes a huge difference to how valued they feel and how much they want to engage. I’m just delighted to have such a lovely building to give to these people to live in.”
For more information contact Paul Handford, Communications Director on 07718 975684 or via email at paul.handford@resonance.ltd.uk www.resonance.ltd.uk
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