NAME OF ORGANISATION: Somerset Community Land Trust
YEAR FOUNDED: 2011
ABOUT: Somerset CLT aims to provide sustainable, affordable housing for local people, and to provide workspace for community enterprises in Somerset.
INVESTMENT PURPOSE: To refinance of four affordable rental flats and office space in the centre of Taunton.
INVESTMENT AMOUNT: £230,000
DATE OF INVESTMENT: 2014, 2018
SOURCE OF INVESTMENT: Affordable Homes Rental Fund
IMPACT: Housing & Homelessness; Community & Local Democracy
ABOUT: With hundreds of members all over Somerset, the CLT is promoting co-operative principles and equality of opportunity for the benefit of the community, regularly financing in the form of community shares. Somerset CLT does not stop at providing sustainable, affordable housing for local people, but also aims to provide workspace for community enterprises in Somerset. The CLT believes people do not form communities simply by living next door to one another, but by sharing livelihood, culture and skills. This means the CLT looks for opportunities to develop commercial premises as well as affordable housing.
PURPOSE OF INVESTMENT: With access to cheaper, more patient capital, this has allowed Somerset CLT (SCLT) to focus on its further ambition of developing more property in Taunton for affordable homes. At SCLT, the principal benefit has been to the thirteen people in housing need that have been provided with a secure and affordable housing option. This has helped some to secure employment, while others have seen benefits in terms of health and reduced anxiety.
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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