BUSINESS
Communities invited to ‘take control’ In England the average house price in 2019 was £240,000 and average earnings were £30,667. However, in Devon the picture is very different. The average house price was £253,000 (5% higher) and average earnings were £26,234 (15% lower) making it much harder for the average person to afford their own home here in Devon. Rent is similarly affected. After paying rent people in Devon have nearly £4,000 per year less than people in other regions to pay for everything else. The Diverse Regeneration Company (a not-for-profit CIC) has successfully worked with communities over the past 15 years to help meet the local need for new sports facilities, village halls, playgrounds and more. They are now working with Resonance, a social impact investment company headquartered in Cornwall, to continue this work with the launch of a new community asset fund which will put local people at the heart of the process to decide what their communities need most. The new fund is called Resonance Community Developers (RCD) and its purpose is to help communities design and deliver the assets they need, bringing local stakeholders together to address local infrastructure needs such as affordable housing, sports and leisure facilities or renewable energy generation. Although this is a new fund with a slightly different set of parameters, Resonance has previously worked with community groups in Devon to successfully deliver affordable homes – in Holsworthy and Broadhempston– through their Affordable Homes Rental Fund (AHRF). In Broadhempston a community-led organisation - Broadhempston Community Land Trust - embarked on developing six self-build homes that were completed in 2016. Each household received a 25% stake in the property they built in return for their labour and then continued to pay rent on the remaining portion. Rents were then set at 20-25% below the open market rate for the area, making the homes affordable. A small proportion of the rent payment each year buys further equity and means
occupiers own a little more of their house. Applicants had to prove residence in the parish for the preceding two years (or for five years at some time in the past). They also had to have a total household income of less than £60,000 and commit to regular construction training, completion of their building work on time, and helping others on the site. Around 50% of the self-builders now work in the local community and a community playground is also being constructed. The RCD is a new, follow-on initiative to the AHRF, and invests capital into community groups which will be structured as ‘Community Benefit Societies’ that can issue community shares. It aims to invest multiple times in the same community groups, with small incremental investment in the early stages leading to larger investments as groups secure land and planning consent and commence the actual construction of homes or sports facilities. The Diverse Regeneration Company (The DR Company) is expert at working with communities across Devon; from the first initial project ideas through to turning those ideas into reality. DR Company is now encouraging communities to get in touch even if they’re unsure where to start. Liz Abell at The DR Company says: “This is a very exciting opportunity for our local Devon communities to be a part of, allowing them a real say in the type of project they would like for their area. These projects will help communities become more self-sustaining over the longer term, whilst also supporting those in their local communities who may have little or no choice in terms of existing housing. We are very pleased to be working with Resonance, which has a strong track record both here and across the UK, for successfully delivering these kinds of projects. This is also a valuable means of independent funding, during a time when council budgets are greatly stretched. As such we are really keen to hear from anyone with ideas for their community, either great or small, so we can assess the ideas and help them move forward to a successful outcome.” Contact the Diverse Regeneration Company by email at community@drcompany.co.uk or visit drcompany.co.uk
See our community website www.dartmoorlinks.co.uk
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