13 July 2017
Another investment from Resonance’s Affordable Homes Rental Fund (AHRF) of £390,000 to Holsworthy Community Property Trust (HCPT) means five more affordable homes are available for local families to allow them to live in their own communities, further strengthening local networks.
AHRF, an impact investment fund managed by Resonance, has supported another affordable housing scheme, helping local people to live affordably in their local communities.
HCPT has earned the reputation as a community group that is delivering and managing affordable housing in the North Devon area. Set up in response to strong local feeling in the community that local families were unable to buy or rent due to high property prices, HCPT set out to provide homes that local people could afford. It allows families to benefit from staying in the area in which they grew up and work. They have now delivered twenty affordable homes to date. The rents charged by HCPT are set below both the open market rental and the local housing allowance set by local authorities, which means they are genuinely affordable and sustainable. Once HCPT creates homes, they are kept affordable for the local community in perpetuity. Given that the Holsworthy area has a severe shortage of quality affordable property to rent, these homes will remain a significant addition to the area and the community. Tenants are encouraged to treat the houses as their homes, providing a feeling of security and wellbeing.
This is the second project from HCPT in which Resonance’s Affordable Homes Rental Fund has invested, supporting the growth of HCPT and building on the success of the first loan to HCPT in 2012. Having completed four schemes and taken over the running of the Holsworthy youth club, HCPT has created a strong and sustainable trust providing significant impact and legacy to the community of Holsworthy.
This latest project, for which the £390,000 loan from the AHRF has been provided, consists of purchasing five newly built homes. Four of the homes will remain as affordable rental units and one will be offered to a local family at an affordable price.
Pam Johns, Chair and Company Secretary of Holsworthy Community Property Trust said of the deal: “The funding from AHRF has enabled HCPT to add another 5 properties to its portfolio. HCPT’s aim is to hold fifty properties to ensure the Trust is a self-sustaining community benefit organization going forward and able to manage other community assets, like the Town’s Youth Centre, in the future.”
John Williams, Head of Property Funds at Resonance said: “We are pleased to be able to continue working with HCPT in their growth of their affordable homes portfolio, further increasing their positive impact in the local community and support for local families. It is fantastic to see how the Trust has developed and grown since our original investment to the current position and desire for further scheme funding. Resonance, through the AHRF and other Community Asset Funds we run, work with community groups that know best what their local community needs in terms of housing and other assets. The AHRF in particular was set up to give local people the chance to stay in the areas in which they grew up, where their families and networks are. Helping people stay in these areas helps the sustainability of local communities and helps maintain the viability of other important assets in the community that may have been struggling such as schools, shops and other jobs. HCPT is a great example of how local people can work together to get what they need for their area in an affordable way for the tenants and bringing longer term resilience to the community as a whole.
”Our Affordable Homes Rental Fund has helped many such organizations and hopes to help many more. If you are a local group that needs funding for affordable homes, please get in touch. This is an opportune time as we have recently secured additional investment to enable AHRF to continue to support the community-led affordable homes sector”
Resonance is a social impact investment company. Our mission is to connect capital with social enterprise: something we have been doing across the UK for the last 15 years.
Our Ventures team works with individual social enterprises to raise investment, from investment readiness through to deal arranging. Our Funds team creates and manages impact investment funds, focused on the capital needs of multiple social enterprises. We have particular expertise in community-led projects, homelessness, education, health, social care, criminal justice, agriculture and renewable energy. Resonance has just under £150m under management across its seven operational impact investment funds.
With offices in Launceston, Manchester, Bristol, London and Birmingham and a team of over 30, Resonance is helping to build the market for social investment in practice.
If you have any queries regarding Resonance please contact:
Sharon Smallworth, Communications Manager t/ 01566 457150
About Holsworthy Community Property Trust (HCPT)
HCPT Is a Company limited by guarantee and a Charitable Company, set up following the dark days of foot and mouth in 2001, to provide housing that’s affordable for local people. It has twenty properties to date and has also become the custodian for the community of the Youth Centre, after the same was closed by Devon County Council.
If you have any queries regarding Holsworthy Community Property Trust please contact:
Pam Johns, Chair and Company Secretary e/ firstname.lastname@example.org