NAME OF ORGANISATION: Homes for Wells CBS
YEAR FOUNDED: 2006
ABOUT: In an area where over 40% of homes are second or holiday homes, Homes for Wells CBS looks to provide affordable housing for local people.
INVESTMENT PURPOSE: To provide eleven affordable homes for about twenty tenants and their children.
INVESTMENT AMOUNT: £400,000
DATE OF INVESTMENT: 2014
SOURCE OF INVESTMENT: Affordable Homes Rental Fund
IMPACT: Housing & Homelessness; Community & Local Democracy;
ABOUT: Providing affordable homes in for the people of Wells and the surrounding parishes of Stiffkey, Holkham, Wighton and Warham is important because Wells is a very desirable location for retirees, holiday makers and second homeowners – which means property prices are pushed out of reach to many people employed locally. Over 40% of homes in this area are second or holiday homes. The group formed to address the growing problem of the lack of affordable rental housing for local families who were being prevented from remaining in the communities in which they grew up.
PURPOSE OF INVESTMENT: Homes for Wells was looking for a funding scheme that would give them the security they needed to successfully deliver their first large affordable homes project. They were facing market lenders offering loans at variable rates, or fixed rate for a short period of time, creating financial uncertainty for them. AHRF provided confidence at an early stage that funding at a fixed rate for eight years would be available once planning was achieved, thus giving the volunteers at Homes for Wells the guarantee that they could securely kick off their housing project and have confidence in the future. With the funding from AHRF, they got the financial certainty they needed, and were able to complete the housing project. This scheme now successfully provides eleven affordable homes for about twenty tenants and their children.
Jim Fergusson, Homes for Wells: “We are really happy we took the decision to take on this project as a community group as opposed to handing this over to a local housing association. Resonance worked with us right from the early stages to understand our project in detail and we are thrilled that they are on board as a Social Impact Investor into our project.”
John Williams, Managing Director of Property Funds at Resonance: “This loan will allow Homes for Wells to convert an historic Grade II listed building in the town into eleven much needed additional homes at affordable rents. The building had previously been office space but had been empty for some time. The funds will finance the conversion of the building and then HFW will begin to repay the loan using the rental income they receive from the project. We were delighted to work with HFW on this project as they are a group managed by their community for the benefit of their community.”
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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