A social enterprise in the West Midlands is set to greatly increase the number of properties it owns thanks to a £9m investment by the combined authority.
Tamworth-based social enterprise Cornerstone currently operates 224 properties and since starting in 2018 it has worked closely with the region’s local councils to house more than 500 homeless families and individuals.
Thanks to the £9m funding boost from the West Midlands Combined Authority (WMCA), Cornerstone will now be able to acquire a further 55 properties.
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: ‘This WMCA funding for Cornerstone demonstrates our commitment to tackling homelessness by ensuring no one, especially our most vulnerable citizens, are left behind.
‘The work that Cornerstone does is incredibly important – not just for those people who are, or at risk of becoming homeless but also for our local councils by providing them with a high quality but cheaper alternative to using local hotels.’
Cornerstone co-founder Dean Starr said: ‘We’re really pleased to have secured the backing of the WMCA to assist us in continuing our mission to bring more affordable and suitable accommodation to homeless residents across the West Midlands and Warwickshire.
‘We know first-hand the challenges that lie ahead for many families in the region, but by directly partnering with local councils we’re delighted, as a homegrown West Midlands business, to be able to play our part in deploying investment into local properties and supporting families.’
