HOW IT WORKS
What we do
Angmering Community Land Trust intends to provide low-cost housing for rent for local people.
With new housing developments causing an increase in overall house values across Angmering, it is often very difficult or sometimes impossible for sections of our community to find housing locally that they can afford.
By building low-cost housing, we believe we can offer tenants rental agreements typically between 60%-80% of commercial rental values. The final figure will be determined once the overall build costs have been determined.
But building low cost housing does not mean low quality housing. Each house will be built to current building regulation and design standards. In fact the design is bespoke and intended to blend in with the area whilst providing a ‘community’ feel to the development.
How do we finance the developments?
The Trust doesn’t have any money of its own, yet. The land for our development in Mayflower Way was donated by Angmering Parish Council for a nominal sum. This was on the understanding that the Trust would build low-cost housing for local people. To that end, we have 5 years to achieve that goal.
As a properly registered Society under the Cooperative & Community Benefit Societies Act 2014, the Trust is able to acquire grants and donations to enable work to continue. So far, these have all been used to undertake the essential preparations required to submit a full planning application.
Once planning permission is agreed we need to work with a developer to finalise overall costs and arrange a mortgage / loan to finance the development. As a registered Trust we are in a position to take advantage of low-cost finance rates from ethical lenders.
What about other projects?
Once our first houses are built and we are receiving an income from our tenants, we will be in a better position to consider other projects although in the interim we will remain vigilant to emerging opportunities.
We have yet to define the criteria that will determine who can apply to rent one of our houses. This will be decided in liaison with Arun District Council, who determines the overall policy for the area. However, a person’s links to the area and their ability to afford rental property will feature amongst the criteria