Holsworthy Community Property Trust - housing local workers
Holsworthy Community Property Trust is committed to producing 50 homes in the town and surrounding areas. To date, 15 have been completed. A number of small village developments are currently under construction.
It was formed by local people as a company limited by guarantee and a charity in 2005, as a viable solution to the local affordable housing problem. Priority is given to young people when allocating homes.
Holsworthy CPT operate by taking land out of the market, thus removing the impact of land price appreciation. They retain a 30 - 40% equitable interest in the homes they sell, keeping control of resale prices through pre-emption agreements. Homes are made available at 60 - 70% of their Open Market value.
Funding for establishing the CPT and intial development costs was provided by Devon County Council and Torridge District Council through the Second Homes Council Tax Budget. The grant has been revolved to fund further development.
Additional funding has been made available through development finance loans from the CLT Fund, and Charity Bank.
To read the full case study in PDF format, click here (opens in new window).