October 3rd, 2008
£2 million fund to provide affordable homes for those priced-out of local communities
The UK’s first major fund to build permanently affordable homes by Community Land Trusts (CLTs) has been established by independent charitable funders the Esmée Fairbairn Foundation, The Tudor Trust and Venturesome, the social investment arm of the Charities Aid Foundation. CLTs are organisations that create affordable housing, to buy and to rent, for people in urban and rural areas by securing low cost land and building homes that remain partly owned by the communities on a permanent basis. The Esmée Fairbairn Foundation and the Tudor Trust have provided an initial investment of £1.75m towards a £2m fund to support the building of permanently affordable homes by CLTs. Venturesome is underwriting an additional £250,000 and will operate the fund on a day to day basis with Esmée Fairbairn and the Tudor Trust involved in the decision making.
2 October 2008
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