This approach focuses on placing power into the hands of local people, who will take the lead in the design and location of new homes, with community groups being able to access land and receive planning permission where speculative developments cannot.  

It is the first time the government has supported this approach to finance housebuilding at this scale and it is intended to help overcome critical barriers to delivery, such as community groups accessing the capital required for housebuilding.

A total of £6-million of the investment is available for immediate deployment, enabling community projects to acquire land and kickstart development. This funding is part of a broader strategy to build a self-sustaining, long-term investment model that continues to support community-led housing for many years to come.

This vital £20-million investment will form the cornerstone of an innovative, evergreen social impact investment fund model that blends grant and private investment and will eventually enable the fund to grow to approximately £50-million.

“We welcome this government’s further commitment to community-led housing,” said Jon Rolls, Head of Developing Communities at Resonance, who has offices on Hurdon Road. “With the first £6-million ready to deploy straightaway, we are already working with communities to unlock land and move projects forward, projects that will provide much-needed affordable, quality homes for families.

“At the same time, we are actively seeking additional investors to help us scale this fund to its full £50-million potential.”

The investment comes at a time when the government has committed to building 1.5-million homes across England, including a £2-billion injection of new grant funding to deliver up to 18,000 new social and affordable homes.

Housing and Planning Minister, Matthew Pennycook, added his support: “Community-led housing not only delivers social and affordable homes for local people, but it also gives local communities a greater say on where new homes are built and how they are designed.

“This investment will help community-based organisations overcome barriers to housing delivery and will support the growth of the community-led housing sector.

“Through our Plan for Change, we are boosting housing supply and reforming the housing system, delivering on our commitment to the biggest increase in social and affordable housebuilding in a generation.”

Resonance Community Developers is a social investment fund designed to support and invest in communities with the aim of creating and owning assets that meet local needs. It thrives on building cohesion by investing in community-led affordable homes or facilities that benefit the whole community.

In addition to investment, the fund provides pre-development support, helping community organisations to navigate feasibility, planning and funding challenges.

The fund is already working with over 30 community groups across 10 English regions.

For further information, visit www.resonance.ltd.uk or follow the organisation across its social media channels.

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