Sector to supply affordable homes

Three social investment organisations have created a £2m fund to help community land trusts build affordable homes.

CLTs, which buy land to keep it in community ownership, will be able to use the cash to provide homes for local people priced out of their communities.

£1.75m has been put forward by the Esmée Fairbairn Foundation and the Tudor Trust. Venturesome, the social lending arm of the Charities Aid Foundation, will underwrite an additional £250,000 and will operate the fund on a day-to-day basis.

The fund wants to support the creation of about 30 new CLTs over the next four years and hopes its cash can be used as seed capital to attract private investment.

"We hope that the establishment of this fund will open up new opportunities for financing rural housing and ultimately encourage others into this fledgling market," said Dawn Austwick, chief executive of the Esmée Fairbairn Foundation.

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