We are delighted to announce that the community-led housing project we are working on with Braemar Community Limited is set to be the first in Scotland to benefit from loan funding from the CAF Venturesome Community-Led Housing Fund. The £120k unsecured loan will be used to finance pre-development work on a project which aims to create 15 new affordable homes for rent and one self-build plot in the Aberdeenshire village. (Find out more about our work with the Braemar community).
The money will be used to allow the community to work closely with an architect-led team to develop designs; submit applications for planning and building warrant approval; and secure tenders from contractors to build the homes. The project team plans to submit the planning application by the end of 2020, with construction starting by summer 2021.
“Pre-development work is one of those crucial areas which projects often find difficult to find funding for but this loan agreement offers flexible terms which take into account the unique nature of community-led housing projects and help us mitigate risk,” explains RHS Development Officer, Sam Foster. “We are delighted that CAF Venturesome have agreed to assist us with this loan. The money will be used to complete the necessary work to allow this development to move to the next stage.”
The CAF Venturesome Community-Led Housing Fund has been supporting community-led housing projects since 2008, but the fund has only recently opened up to communities in Scotland. It supports community-led housing projects at various stages of development.