Fund helps CVL tackle housing shortages

A social investment fund is helping reduce Middlesbrough’s social housing waiting list by providing affordable homes to local families.

Resonance, a leading social impact investor, is backing Community Ventures (Middlesbrough) Limited (CVL) with a £1.8 million injection from its Community Developers fund. 

Officials say it will help get 50 households off the social housing waiting list, helping make “a meaningful difference” as the region’s need for stable, affordable housing continues to grow amid rising unemployment and housing pressures.

The investment includes £500,000 for the purchase of 16 apartments and six commercial units around Shelton Court, in East Middlesbrough.

CVL will refurbish the properties and then rent them to local individuals and families on the social housing waiting list.

In addition, Resonance is investing a further £1.3 million to purchase empty homes in the area.

Jon Rolls, head of developing communities at Resonance, said: “Community Ventures (Middlesbrough) is based in one of the most deprived neighbourhoods in the country, where there is a chronic shortage of affordable housing and a high level of unemployment.

“From the moment CVL approached us we could see the opportunity and the difference our investment would make to the community. 

“Mike Millen and his team’s dedication and expertise gave us the confidence to invest in the two opportunities.

“Together, we are committed to build a long-term relationship focused on making a meaningful difference to individuals and families, where our combined efforts can truly impact people’s lives.”

Mike Milen, chief executive at CVL, added: “The last 12 months have seen the local housing market change rapidly to meet the demand for contractor accommodation to feed the huge Teesworks development.

“This demand has seen those least able to move or pay more left with very few options.

“Resonance funding has allowed us to move rapidly to deliver on our plans for an expanded property portfolio. 

“We are also now moving forward to purchase and bring back to life 50 void properties.

“This investment will go a huge way to building pride and ownership amongst our community.

“A lot of the people we work with don’t feel valued, but investment like this shows they are, and provides them with more freedom to take ownership of their lives from safe spaces.”

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