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.
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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