We’re excited to share our first social impact report for Resonance Community Developers (RCD), our community asset fund. The fund has raised £12.3m so far to establish and strengthen local community groups, neighbourhood leaders and community assets. Read the report HERE 

After the success of the Community Share Underwriting Fund (CSUF) and the Affordable Homes Rental Fund (AHRF), RCD launched its evergreen fund in 2019 with £5M investment from Better Society Capital and £2.8M from Access - the Foundation for Social Investment. With a further investment of £3M from MHCLG taking the total to £12.3m raised so far, RCD is supporting communities to create and own assets that meet local and specific needs within neighbourhoods across England. 

We believe that community ownership can play a much greater part in the big challenges facing our country, such as the cost of housing, left behind communities and a path to Net Zero. There is an acute housing need in the UK: there are currently 112,660 households in England living in temporary accommodation, including 146,800 children. England needs 340,000 new homes – including 145,000 affordable homes – by 2031, to meet current demands. This includes 90,000 for social rent and 25,000 for shared ownership. Community groups are rising to meet the need: there are over 550 Community Land Trusts in existence or in the process of being formed. To strengthen this growing movement, 80% of RCD’s investments so far have been in to affordable and supported housing schemes.  

This new social impact report covers the fund from its launch in 2021 to 31st July 2024. The report highlights how RCD supports community groups, and celebrates some milestones for the fund, including: 

• This year, RCD made its largest investment to date of £2.5M into YorSpace, which will help build 19 affordable homes 
• In 2023, RCD received a £3M investment from Ministry of Housing, Communities and Local Government 
• £12.3m has been raised so far, with £9.35m committed to community groups 
• Investments have been made into 10 English regions 
• Around 40% of communities the fund has invested in are based in the most deprived neighbourhoods in England 

The investment raised so far is supporting projects including affordable housing, developing low-carbon and renewable energy assets, and preserving much-needed community amenities like sports facilities.  

The fund supports community groups in delivering social impact through sustainable, local community asset projects, creating new solutions for communities across England in the face of a shortage of new homes and a lack of basic community infrastructure like parks, playgrounds and sports facilities. The report features case studies of these projects, one of which is Community Ventures (Middlesborough), working to convert buildings into affordable homes for 16 families in their area, which is the 5th most deprived Local Authority in England.  

“This investment will go a huge way to building pride and ownership amongst our community. A lot of the people we work with don’t feel they’re valued, but investment like this shows they are, and provides them with more freedom to take ownership of their lives from safe spaces. We are really passionate about this work and our relationship with the team at Resonance, because we believe it is the start of a powerful journey for our community.” 

Mike Milen, Community Ventures Ltd, Middlesborough

The fund collaborates with local leaders like Mike, providing hands-on support and working partnerships to help them find solutions to the challenges they face, building resilience and creating self-sufficient communities. The fund has ambitious aims to raise £100m to support communities and has a growing pipeline of projects that require support which demonstrates the need for flexible and patient capital that prioritizes impact.  

Read the Resonance Community Developers Social Impact Report 2023/24 HERE