NAME OF ORGANISATION: Cornwall Community Land Trust
YEAR FOUNDED: 2006
ABOUT: Based in Penzance, Cornwall CLT delivers affordable homes to local people.
INVESTMENT PURPOSE: To support the refinancing of two shared equity properties into affordable rental properties, in order to house two local families who were unable to secure a mortgage to purchase the property.
INVESTMENT AMOUNT: £200,000
DATE OF INVESTMENT: 2012
SOURCE OF INVESTMENT: Affordable Homes Rental Fund
IMPACT: Housing & Homelessness; Community & Local Democracy;
ABOUT: With rising house prices in a county with an estimated 13,500 second homes, local people in Cornwall struggle to afford to live where they grew up. Cornwall CLT set out to change this, becoming one of the most progressive and successful community land trusts in England, delivering or enabling more than 260 affordable homes and has more projects in the pipeline. Anyone can become a shareholder for as little as £1. The CLT prioritises providing low-cost housing to local families. Nationally, the Community Land Trust (CLT) movement allows local organisations to address the very real need for homes that are affordable now and affordable in perpetuity in communities across the nation. CLTs have proved to be an effective mechanism for delivering affordable homes to meet local demand.
PURPOSE OF INVESTMENT: Cornwall CLT required funding to replace a development loan from the local authority, with which they had agreed to build a number of affordable houses. They did not want to rely on grant finance to replace the local authority’s money because that was becoming harder to find and unlikely to be available for the amount they needed. Resonance worked with the team to offer a tailored loan for 100% of the medium-term funding required to replace the council’s short-term development financing. This was the first deal done as part of the Resonance Affordable Homes Rental Fund.
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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