Nationwide Foundation invests over £250,000 to fund affordable housing built by local communities

The Nationwide Foundation has invested £262,500 towards the Community Land Trust Fund, an initiative providing affordable homes to people priced out of their communities in which they were brought up.

Community Land Trust Fund supports the development of community land trusts (CLT). There are many CLTs being set up across the UK and the initiative involves a group of local people – often volunteers – working together to develop affordable homes for local people on low incomes. The CLT acquires land and builds properties which are sold at below the market rate. One aspect which makes the CLT model for affordable housing distinct is that the land is held in perpetuity by the trust, therefore ensuring long-term affordability. The houses are a realistic home ownership prospect to those who are otherwise forced to rent, remain living with parents, or move out of the area.

Community Land Trust Fund is a partnership involving four charities: the Nationwide Foundation, Tudor Trust, Esmee Fairbairn Foundation and CAF Venturesome. The aim of the Fund is to remove barriers to the development of community land trust projects. Community Land Trust Fund provides professional and technical support to trusts, from inception of the CLT through to occupancy of the affordable houses. CLTs are financed and supported to undertake feasibility studies, prepare development and business plans, secure planning permission and help to access bank finance. The funding from Nationwide Foundation will be used for financing the construction of homes.

The CLT model has been supported by Grant Shapps MP, Minister for Housing. The minister is known to want local people to decide what happens in their local communities and for communities to provide homes for themselves.

Lisa Suchet, chief executive of the Nationwide Foundation says: "The Nationwide Foundation is committed to funding housing related projects in the UK and is thrilled to be able to support the Community Land Trust Fund. Lack of affordable housing, particularly in rural areas and for young people, is a real problem. Our support will contribute to future building initiatives and allow more people to live in the towns and villages in which they grew up. This initiative fits well with Government's Big Society by supporting local people to volunteer to help their own communities and address local issues at local level."

Notes to editors
Further information about CLTF can be found at www.cltfund.org.uk
Further information about the Nationwide Foundation can be found at www.nationwidefoundation.org.uk

The Nationwide Foundation is a registered charity (no 1065552) and has limited liability being a company limited by guarantee registered in England and Wales (no. 3451979). Registered office address: Nationwide House, Pipers Way, Swindon, SN38 1NW.

The principle benefactor of the Nationwide Foundation is Nationwide Building Society.

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