Big Society Capital, which is an independent financial institution set up to help grow social investment in the UK, has launched a £15m investment facility for social investors to fund large-scale community-led housing projects.
The Community-Led Housing Facility will support the growth of community-led housing by investing alongside other social investors into projects across the UK. Projects will need to have a strong emphasis on providing affordable housing. They will also reflect the communities’ preferences on the allocation of affordable homes, enabling local households to stay in their community that would otherwise be priced out of the area by market rates. The facility will provide development finance to larger, mainly urban projects at the post-planning development stage where there is an emerging need for significant capital. It is expected that projects will require a mix of funding that includes both senior and subordinated development finance, as well as an element of subsidy, such as gifted land, and/ or grant funding.
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