INVESTORS with a social conscience are being urged to dip into their pockets to help ease Taunton's housing crisis.

A not-for-profit community benefit society is asking people to put up at least £25 each to help buy two properties to convert into affordable flats.

Somerset Co-operative Community Land Trust (CLT) is selling £1 shares in an attempt to raise a minimum of around £200,000 to buy the buildings in the East Reach area of Taunton.

The trust has previously raised more than £250,000 from almost 100 people for a property in the street that boasts four flats that have homed 12 people struggling to find suitable housing over the past three years.

Below the flats, Somerset Co-operative Hub hosts social enterprises including a co-operative development agency, an urban farming project, a credit union and community rail initiatives.

CLT chairman Alan Debenham said the aim is to provide new flats for affordable rental, addressing the crisis in housing in the area, and also workspace for community enterprises that provide skills, opportunity and employment for disadvantaged people.

A minimum of £187,500 is needed for the new venture, which would be raised through the sale of £1 community shares - participants would need to buy at least 25.

The aim is to provide an above inflation 'dividend', but the share value would constantly remain at £1 and would be withdrawable rather than tradeable.

A spokesman for the offer, with an application deadline of Friday, November 30, said: "If the offer is successful the land trust will be purchasing two nearby properties, both of which have potential for new buildings that will meet the most urgent needs of the local area.

"East Taunton is one of the most deprived areas in Somerset, and is suffering especially badly from the benefits freeze, pollution, low wage and insecure employment and problems with addiction and poor mental health."

While the project is local in nature, it may well be copied elsewhere in the country.

Mr Debenham added: "We are part of a community land trust movement across the UK, and I have worked

on housing as a councillor.

"We need new social housing ideas that could be replicated around the country.

"By developing urban rentals, using the latest eco-technologies, supporting co-operative enterprise and empowering tenants we are pioneering new ways of relieving poverty and deprivation."

Caitlyn Reynolds, who lives in a CLT home in the East Reach premises, said: "When we came to the land trust, we were five days from being homeless.

"They stepped in where everyone else had failed.

"Since then we have been able to study and find employment, and we have a happy home here.

"I have even been given the opportunity to become a board member and share in the running of the project."

The share offer is listed on the Ethex crowdfunding website at ethex.org.uk/somersetclt