Big Issue Invest has provided investment into an affordable housing development in Lewisham.
These will be the first new homes to receive capital funding through the Mayor of London’s Community Housing Fund and will be built for residents of the borough in need of an affordable home.
The land for the project is provided by Lewisham Council as part of their Building for Lewisham programme, which is delivering new social homes across the borough.
The 11 houses will be funded through London CLT community shareholders, the GLA and Big Issue Invest.The development is located in Sydenham and replaces a small garage site within the Brasted Close Estate.
The project will be 100% genuinely and permanently affordable, with each home sold at a price linked to local incomes. This means that homes will be around half the market price for homes in the same neighbourhood. When residents move on, they will have to sell the homes at prices linked to local incomes, meaning they will be affordable for generations to come. Residents on the housing waiting register will receive additional priority.
The homes are being delivered by London Community Land Trust, who are working with their local members and residents to deliver the homes. Community land trusts (CLTs) are set up and run by ordinary people to develop and manage homes, as well as other assets. CLTs act as long-term stewards of homes, ensuring that they remain genuinely affordable, based on what people actually earn in their area, not just for now but for every future occupier.