Community Ventures (Middlesborough) Ltd is one of the latest community organisations to receive £500k investment from Resonance Community Developers (RCD), supporting the provision of affordable homes for families and individuals living in the fifth most deprived Local Authority in England [1].
Community Ventures is focused on assisting and strengthening local communities in the East Middlesborough areas of Thorntree and North Ormesby, which are both in the 10% most deprived neighbourhoods in England [2]. These are the areas which RCD knows needs the most support – in fact c.40% of communities invested in by RCD are based in the most deprived neighbourhoods in England. The work that Community Ventures is doing is crucial to strengthening their community: set up in 1989, the group is run by eleven local people, and runs childcare programmes, engagement activities, food banks and affordable housing. This work is helping to create safe spaces for local people and an overall better connected community.
One of the major issues in the region, in addition to high levels of unemployment, is the lack of affordable rental housing. To help with the demand CVL has acquired two buildings with commercial units on the ground floor and has refurbished the (empty) existing six three-bedroom residential units on the first floor. These have been let out to people from the local community. At a later date, they plan to convert these flats into twelve one-bedroom units, where there is a particularly high demand, with a social housing waiting list currently standing in the immediate area at over 250 people 3. The aim is for some of the local residents who are on the social housing waiting list to be able to have an affordable home (rent set below Housing Allowance level), enabling them to move on with their lives, within the community they call home.
“The past twelve months has seen the housing market locally changing rapidly to meet the demand for contractor accommodation to feed the huge TeesWorks development. This new demand has seen those least able to move or pay more left with few options. Resonance funding has allowed us to move rapidly to deliver on our plans for an expanded property portfolio. We are now moving forward with purchases that will bring back into use 50 void properties.
“We have spoken with a number of funders as we sought to expand our housing activities, none have bought in to our vision as rapidly as Charles (Resonance Senior Investment Manager), nor moved as quickly to allow us to seize opportunities. We are used to lenders telling us they want to develop long-term relationships, but with Resonance it was more than a marketing statement, we now view Charles and his colleagues at Resonance as part of the team at Community Ventures.” Mike Milen, CEO, Community Ventures
In addition to this Shelton Court project, RCD has committed a further £1.3m to purchase empty homes in the area. These affordable housing projects will repurpose empty buildings into much needed homes for some of the most vulnerable in the community.
“Working with CVL has been an incredibly positive experience. Mike and his team’s dedication and expertise gave us the confidence to invest in the opportunities they presented. Together, we’ve built a long-term relationship focused on making a meaningful difference in an area of high deprivation, where our combined efforts can truly impact people's lives.” Charles Lewis, Senior Investment Manager
About Resonance Community Developers
Resonance Community Developers (RCD) launched in 2019, and is designed to support communities to create and own assets that meet local and specific needs within towns and villages across the UK.
£12.3m has been raised so far for projects including affordable housing, developing low carbon and renewable energy assets, and preserving much-needed community facilities such as sports facilities. This investment helps community groups achieve their ambitions to deliver social impact through sustainable, local community asset projects, creating new solutions for communities across the UK.
The fund collaborates with local leaders, providing hands-on support and working partnerships to help them find solutions to the challenges they face, building resilience and creating self-sufficient communities. It aims to raise £100m to support community groups.
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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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