Community Share offer to build affordable homes in Armley get £300k boost

2023-06-13 15.01.57

Leeds Community Homes, who launched their Armley Community Homes campaign back in September last year, have had a fantastic boost from Leeds City Council who have invested £300,000 to support their community share offer. This brings them past the minimum amount needed to build 34 new affordable energy efficient new properties off Mistress Lane in Armley.

The community share offer seeks to raise £500,000 so that Leeds Community Homes can build new homes for the people of Armley. These high-quality homes will be part of an affordable, sustainable new development model that will supply desperately needed new homes on currently derelict land that no-one else would build on.

The need for decent, affordable new homes in Armley is considerable. These homes will be a mix of flats and family houses for rent and sale, plus a shared communal space. They will be insulated to a high standard also including solar panels (PV), air source heat pumps and mechanical ventilation with heat recovery (MVHR) systems for all the homes, meaning that they will have a much lower carbon impact than most new and existing buildings. Residents will see this benefit in lower energy bills.

As well as high-quality homes, these homes will also bring a sense of community. On top of a shared communal space, Leeds Community Homes will be working with the residents so that they are involved in the running and management of the homes. Leeds Community Homes’s role as the community land trust for Leeds means that the homes will stay affordable permanently.

Some recent investors said: “It’s a really great opportunity to make an ethical investment that actually helps families get affordable homes that are really needed in Armley….it’s a win win!” and “I really like the idea of investment in something that is both better for the environment and cheaper homes for the local people there”

Jimm Reed, Director of Leeds Community Homes and the person driving forward this project said: “We have the opportunity to make a real difference in Armley with this project and to create 34 high quality, affordable homes. We are now building on our successful acquisition of affordable homes at Climate
Innovation District, which was made possible through the patient investment of over two hundred individual investors in our first offer. Community investment also made possible the success of the amazing Chaco scheme in Chapeltown last year.

This kind of housing project doesn’t just create fantastic homes, it also helps build a community. Community-led housing provides an opportunity for people to help make new homes happen in Leeds, by investing as little as £100 into doing good, as well as earning interest on the shareholding.”

The investment deadline is 31st March 2024. You can invest by visiting their Crowdfunder page.

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