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Community Finance Solutions


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Community Finance Solutions

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Community Finance Solutions

  1. 1. Community Finance Solutions <ul><li>Jennifer Aird MSc BSC </li></ul><ul><li>Research Assistant </li></ul><ul><li>Community Finance Solutions </li></ul><ul><li>CFS – a research and development unit at Salford University </li></ul><ul><li>National CLT demonstration programme – 14 urban and rural pilots </li></ul><ul><li>Website </li></ul>
  2. 2. 1. CLT - Origins <ul><li>Ruskin and the garden city movement </li></ul><ul><li>1870s – 1920s </li></ul><ul><li>Indian land gift movement 1950s </li></ul><ul><li>Bob Swann and US model 1960s to now </li></ul><ul><li>Land reform in Scotland – first buy-outs 1990s Land Fund set up 2001 legislation passed 2003 </li></ul><ul><li>1980s – Stonesfield CLT set up </li></ul>
  3. 3. 2. CLT Legal Definition (July 2008) <ul><li>A corporate body which aims to further the social, economic and environmental interests of a local community by acquiring and managing land and other assets. </li></ul><ul><li>In addition: </li></ul><ul><li>It must not sell or develop the assets except to benefit the community. </li></ul><ul><li>It is controlled by its members, and membership must be open to people who live and work in the community. </li></ul><ul><li>All profits made are reinvested in the community </li></ul>
  4. 5. 3. CLTs – key characteristics <ul><li>Keep housing affordable in perpetuity </li></ul><ul><li>Democratically run and community-led </li></ul><ul><li>Aim to be self-financing </li></ul><ul><li>Aim to exist for a very long time </li></ul><ul><li>Exist to build sustainable communities, ie can also look at business space, parks, allotments, farms, etc </li></ul>
  5. 6. 4. CLT – keeping housing affordable <ul><li>Land is held in perpetuity </li></ul><ul><li>House prices kept affordable by a resale formula or other conditions in lease </li></ul><ul><li>Aim is to benefit those with a local connection who can’t afford a home </li></ul><ul><li>Promotes benefits of homeownership but profit to individuals is capped </li></ul><ul><li>Self-financing </li></ul>
  6. 7. 5. CLTs – examples of models <ul><li>US – classic model </li></ul><ul><li>Development trusts </li></ul><ul><li>Urban regeneration areas </li></ul><ul><li>Housing/almshouse trust </li></ul><ul><li>MoD/Forestry land </li></ul><ul><li>Conservation/Agriculture/Farm Land Trusts </li></ul>
  7. 9. <ul><li>Formed in 2006 as an outcome of the Market & Coastal Towns Initiative </li></ul><ul><li>Company ltd by guarantee registered as a charity </li></ul><ul><li>Provides 9 shared equity homes (Sept 08) </li></ul><ul><li>Funders – Council (2 nd home C Tax), Charity Bank, Venturesome </li></ul><ul><li>Future plans – achieving a further 50 shared equity/rental homes in next 2/3 years </li></ul>6. Holsworthy Community Property Trust – key facts
  8. 10. <ul><li>Legal definition </li></ul><ul><li>Policy environment </li></ul><ul><li>Asset Transfer Unit </li></ul><ul><li>CFS Facilitation Fund </li></ul><ul><li>Precedents in Scotland and Wales </li></ul><ul><li>Credit Crunch? </li></ul>7. Opportunities…
  9. 11. <ul><li>Work of CFS </li></ul><ul><li>Facilitation Fund…? </li></ul><ul><li>Regional support – Land for People, Foundation East, Cornwall CLT, Cumbria, Northumberland </li></ul><ul><li>Housing Corporation </li></ul><ul><li>Templates, case studies and tools at </li></ul>8. Support available