Housing bond attracts pledges of £1m

Finance | Gareth Jones | 21 Dec 2009

The East London Bond, which is being offered by national bond issuing charity CityLife to fund social and economic renewal in the area, has opened for investment and already received pledges of more than £1m.

Some 20 per cent of the money raised by the East London Bond will go immediately to charities, while the other 80 per cent is loaned to housing provider Places for People Homes to develop affordable housing.

The yield generated by the bond over the course of its five-year term will be given to the Bromley-by-Bow Centre and Community Links.

Tim Jones (pictured), chief executive of Citylife, said: “The charitable bond adds a whole new dimension of philanthropy and corporate social responsibility.

“It’s no longer just about how much you can afford to give away. With a bond you can now invest your capital securely and make a social profit.”

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