Following a £2.5 million investment from Big Society Capital, the Affordable Homes Rental Fund has now issued its first loan to the Cornwall Community Land Trust (CLT).
The Cornwall CLT approached the Fund with regard to achieving affordable rental of one property on a new development of 8 at Blunts. The properties were constructed using development finance from Cornwall Council for onward sale as affordable housing to local people. The property in question was earmarked for purchase by a local young family but as they had struggled to find the deposit required, the option of rental was considerd. In refinancing through a loan from the AHR Fund, Cornwall CLT have been able to let the property to the family, enabling them to remain in their local area and possibly go on to purchase the property as their home at some point in the future.
The AHR Fund is operated by Community Land & Finance CIC and managed by Resonance. It is now open for loan applications from CLTs and other community-led groups.
For more information see AHR Fund.
Sign up today and keep up to date with all our latest social impact news, innovations and insights so you never miss a thing.
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.
Disclaimer: This website does not contain, constitute, nor does it form part of, an offer to sell or purchase or a solicitation of an offer to sell or purchase, any securities, investments or financial instruments referred to herein or to enter into any other transaction described herein. Resonance is not providing, and will not provide, any investment advice or recommendation (personal or otherwise) to you in relation to any securities, investments or financial instruments or transactions described herein. Whilst all reasonable care has been taken to ensure the accuracy of the information contained in this website, neither Resonance nor its officers accept any liability for its contents or for any errors or omissions.