Resonance

Community Ventures Middlesborough

Supporting Affordable Housing Projects In Regions of Deprivation  

NAME OF ORGANISATION: Community Ventures Middlesborough

LOCATION: East Middlesborough areas of Thorntree and North Ormesby, which are both in the 10% most deprived neighbourhoods in England

YEAR FOUNDED: 1989

ABOUT: The group is run by eleven local people, and runs childcare programmes, engagement activities, food banks and affordable housing. This work is helping to create safe spaces for local people and an overall better connected community. 

INVESTMENT PURPOSE: To support the provision of affordable homes for sixteen families in the community

INVESTMENT AMOUNT: £500,000

DATE OF INVESTMENT: 2024

SOURCE OF INVESTMENT: Resonance Community Developers

IMPACT: Housing & Homelessness; Community & Local Democracy

ABOUT: One of the major issues in the region, in addition to high levels of unemployment, is the lack of affordable rental housing, in particular one-bedroom properties. To help with the demand, Community Ventures has developed a well-considered plan to convert local buildings into fourteen one-bedroom affordable apartments, two, two-bedroom apartments and  six commercial units. The aim is for some of the local residents who are on the social housing waiting list to be able to have an affordable home (rent set below Housing Allowance level), enabling them to move on with their lives, within the community they call home. 

PURPOSE OF INVESTMENT:

This investment will support this affordable housing project for the local community, aiming to provide homes for sixteen families. In addition to this Shelton Court project, RCD has committed a further £1.3m to purchase empty homes in the area. These affordable housing projects will repurpose empty buildings into much needed homes for some of the most vulnerable in the community.  

“The past twelve months has seen the housing market locally changing rapidly to meet the demand for contractor accommodation to feed the huge TeesWorks development. This new demand has seen those least able to move or pay more left with few options. Resonance funding has allowed us to move rapidly to deliver on our plans for an expanded property portfolio. We are now moving forward with purchases that will bring back into use 50 void properties. 

“We have spoken with a number of funders as we sought to expand our housing activities, none have bought in to our vision as rapidly as Charles (Resonance Senior Investment Manager), nor moved as quickly to allow us to seize opportunities. We are used to lenders telling us they want to develop long-term relationships, but with Resonance it was more than a marketing statement, we now view Charles and his colleagues at Resonance as part of the team at Community Ventures.” 

Mike Milen, CEO, Community Ventures 

Resonance Limited is a company registered in England and Wales no. 04418625

Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.

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