19 Aug 2017

Home Building Fund finances first cohousing project

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Home Building Fund finances first cohousing project

The Home Building Fund has backed its first cohousing project, with a £3.86 million loan to Cannock Mill Cohousing Colchester (CMCC).

The loan will help to fund the building of 23 eco homes over a two acre site in Essex.

With a Grade II listed mill acting as the communal space on site, the homes will be highly sustainable and built to Passivhaus standards, designed by CMCC member and eco architect Anne Thorne.

The loan will aid the cost of construction, which commenced in May, until the CMCC members are able to purchase their new properties.

Chair of CMCC, Jane Blackburn commented: “Thanks to this loan from the Home Building Fund, we have at last been able to start building our new community, which we have been planning for the last 10 years.”

Brought on by the Homes and Communities Agency, the £3 billion Home Building Fund is a flexible funding option providing finance for  bulk homebuilding, as well as infrastructure finance to bring land to development.

The fund is part of Government’s aim to deliver  225,000 new homes across England.

Find out why the Home Building Fund is such a good choice for custom build

Gary Middleton, General Manager at the Homes and Communities Agency commented: “Schemes such as Cannock Mill make a real difference in local communities by providing people with the homes they want to live in at a price they can afford. Cohousing may not suit everyone, but it is vital that we ensure that there are real choices available to home owners.”

Cannock Mill is part of a new breed of cohousing communities in the UK solely aimed at caring for the active ageing group, meeting Lifetime Homes standards and creating a sustainable community for its members.

Words: Jen Grimble

Editor’s comment

Government is showing real innovation by backing custom build and community housing schemes with its Home Building Fund. Finance has traditionally been a challenge for choosing groups, as it’s so far removed from the mainstream model.

This finance route genuinely has the potential to deliver thousands of new homes to the UK over the next decade and brings with it an exciting opportunity for community schemes. By supporting MMC and group schemes, government is encouraging developers to take risks – exactly what the custom build sector needs in order to progress!

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One Response to “Home Building Fund finances first cohousing project”

  1. Dioxide says:

    Good to see government support for cohousing. New-build cohousing is innovative creative housing that gives custom build a good name!