NAME OF ORGANISATION: East Midlands Homes Co-operative
LOCATION: Nottingham
YEAR FOUNDED: 2013
ABOUT: The group refurbish empty homes in order to provide affordable homes to the most vulnerable people in the community.
INVESTMENT PURPOSE: To refurbish a property, developing it into supported accommodation for ex-offenders.
INVESTMENT AMOUNT: £120,000
DATE OF INVESTMENT: 2017
SOURCE OF INVESTMENT: Affordable Homes Rental Fund
IMPACT: Housing & Homelessness; Community & Local Democracy
ABOUT: East Midlands Homes Coop was set up by four of the current members who initially started working together as volunteers. Within their communities in Nottinghamshire, there are significantly disadvantaged families and individuals on low incomes who struggle to afford housing. Members of the EMHC pool their skills in repair and refurbishment to help keep the costs of the work as low as possible and revitalize dilapidated houses in the community. The members of the Cooperative include a consortium of qualified builders, plumbers, electricians and other skilled labourers who volunteer their time to work on the refurbishments and maintain tenanted properties. The Cooperative’s goal is to provide decent rental accommodation to disadvantaged families, BME and other groups with similar needs principally within the Nottingham area.
PURPOSE OF INVESTMENT: The £120,000 loan from the Fund has allowed them to source an empty property in Nottingham to convert to a supported shared home, to be rented to ex–offenders within Nottinghamshire communities. This will enable them to rebuild their lives in an affordable home.
John Williams, Managing Director of Property Funds at Resonance: “It is great to see another investment from our Affordable Homes Rental Fund and the first to a community organisation in the East Midlands region. This shows that there are amazing community groups across the country that are willing to give time, labour and indeed their own money, to get their plans off the ground. Our impact investment fund helps provide the much needed investment with loan terms that make sense for a group offering affordable rents. We would like to hear from more community organizations that would like investment to get their plans off the drawing board.”
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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