Charity investing millions into city of York

A charity based in York will be investing significantly into the area in a bid to create hundreds of new affordable homes to rent, part-own or buy.

The Joseph Rowntree Housing Trust will be spending £37 million on new developments in the city, including £14 million on new services for older people in New Earswick, together with £23 million on the Derwenthorpe housing development, the York Press reports.

This spending is part of a wider charity investment programme for the next two years in partnership with the Joseph Rowntree Foundation, which has also pledged to develop York with new funding.

A spokesperson for the foundation was quoted as saying: "We are proud of our heritage and history in York and we are keen to continue to improve life for people in York through our research, through our housing and care services and through the projects we fund from the York Grants Committee."

Such charity investments offer entrepreneurs a way to place funds in schemes that are likely to provide good returns, while also ensuring they improve society in some way.

Prime minister David Cameron has recently called for this sort of moral capitalism to come to the fore  following years of unchecked "turbo capitalism".

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