A LAUNCESTON based social impact investor has welcomed a major funding boost it has received from the Government.
Twenty-million pounds has been committed by the Ministry of Housing, Communities and Local Government (MHCLG) into Resonance Community Developers in its bid to support community-led local housing projects.
Community groups will be able to access land and receive planning permission where speculative developments cannot.
It is the first time the government has supported this approach to finance house building at this scale and it is intended to help overcome critical barriers to delivery, such as community groups accessing the capital required for house building.
Of the investment, £6-million is available for immediate deployment, enabling community projects to acquire land and kickstart development.
This vital £20-million investment will form the cornerstone of an innovative, evergreen social impact investment fund model that blends grant and private investment and will eventually enable the fund to grow to approximately £50-million.
“We welcome this government’s further commitment to community-led housing,” commented Jon Rolls, head of developing communities at Resonance, which has offices on Hurdon Road.
“With the first £6-million ready to deploy straightaway, we are already working with communities to unlock land and move projects forward, projects that will provide much-needed affordable, quality homes for families.
“At the same time, we are actively seeking additional investors to help us scale this fund to its full £50-million potential.”
Matthew Pennycook, housing and planning minister added his support, saying: “Community-led housing not only delivers social and affordable homes for local people, but it also gives local communities a greater say on where new homes are built and how they are designed.
“This investment will help community-based organisations overcome barriers to housing delivery and will support the growth of the community-led housing sector.”