NAME OF ORGANISATION: Holsworthy Community Property Trust
LOCATION: Devon
YEAR FOUNDED: 2005
ABOUT: In the face of rising house prices and second homes, volunteers set up Holsworthy CPT to provide local families with affordable housing within their community.
INVESTMENT PURPOSE: To refinance properties into affordable homes for local families
INVESTMENT AMOUNT: £485,000
DATE OF INVESTMENT: 2013, 2017
SOURCE OF INVESTMENT: Affordable Homes Rental Fund
IMPACT: Housing & Homelessness; Community & Local Democracy;
ABOUT: Pressure for retirement and second homes has helped push up the average price in the Torridge area to nearly 13 times the typical local family earnings. Holsworthy CPT was set up to tackle this problem by volunteers from the community. The long-term community vision is to provide fifty homes, which local people will be able to afford. Local tenants with connections to the community are prioritised by Holsworthy CPT, as many young people have to move away to large towns to afford a home.
PURPOSE OF INVESTMENT: Holsworthy CPT identified a site and a method of providing homes affordably, and then faced the problem common to all: finance in a period of public cutbacks. The first loan provided by the Affordable Homes Rental Fund was for £95,000 to support the refinancing of a shared equity property into an affordable rental property, in order to house a local family who were unable to secure a mortgage to purchase the property. Having supported the Sheepwash project, Resonance was keen to support HCPT with their next project, and provided 100% funding for the purchase of 5 affordable homes for tenants with local connections.
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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