Providing houses for foster carers
Stable Home
Although we are not an Independent Foster Agency (IFA) we recognise that in the UK there is an urgent need for more foster carers from BAME backgrounds and for those who are willing to foster teenagers:
- 97% of fostering services have an urgent need for foster carers for teenagers (e.g. in Cambridgeshire 154, 13-18 year olds are currently in need of a caring & supportive family).
- 68% of local authorities have a shortfall of BAME foster carers meaning BAME young people (who are overrepresented in the foster care system) are less likely to be fostered by carers from the same ethnic and cultural heritage.
Our ‘Stable home’ initiative responds to this shortfall by providing suitable houses for foster carers of teenagers and BAME young people. This includes a shared ownership scheme alongside access to below market-rate rental properties. To facilitate these schemes we have the opportunity for investors to help us develop our housing stock.
Shared ownership scheme
This scheme supports individuals and couples to purchase a house that, ordinarily, would be beyond their means in order that they can begin (or expand) fostering. Money from the individual/couple and other private funders is amalgamated to enable the house purchase. Initially an individual/couple must be able to guarantee 25% of the house purchase price, (including deposit and mortgage) and this is added to by funds generated through investors into Concrete Rose. Over time the individual/couple staircase up and own an increasing share of the home, potentially owning the home completely after a number of years.
Property rental
For some prospective foster carers long-term renting may be the best initial option especially where house prices and deposits are preventative to house buying. However, rental rates (especially in areas of high property prices) can disincentivize foster care by either outstripping potential income or not giving carers the opportunity to save for the future. With this in mind, we offer rental property at a below market rate to encourage more foster carers into the sector and to enable them to continue for the long-term and create security for their future.
Investment opportunities
Our investment scheme gives the opportunity for people to support foster carers and partner with us by investing their financial resources in property. The scheme requires a minimum £2,000 investment for a minimum of a 5-year period with investors understanding that they are putting their money into property. Investors can choose to get a return on their investment in one of two ways:
To get in touch about investing in the Concrete Rose property portfolio please click here.
