Update 02.12.2019 - Extension of offer
Below is a copy of a letter from teh YorSpace team, updating on the share offer extension
Dear Yorspace Subscriber,
Thank you for investing in our Community Shares. We are delighted with the support we have received, and are grateful to everyone who has helped us take this important step towards providing forever affordable homes in York.
We are writing to inform you that the YorSpace Board has decided to further extend the offer until Tuesday 31 January 2020. This will give investors more time to subscribe to the shares and reach our target raise of £475,000. This means that your subscribed monies will be held for longer than we originally expected, but also enables your investment to have a greater impact. However, we are not changing the start date from which interest will accrue, or withdrawal of funds applied for, which remain at December 2021 and December 2022 respectively.
We have taken this decision to ensure that everyone who has shown an interest, has an opportunity to help Yorspace start building in 2020. With the failure of both Government and private market to provide affordable homes in anything like the numbers we need, it is crucial that projects like Lowfield Green get the help they need.
Update 2nd December 2019
To date, we have received ~£385,000 in subscriptions, which means we need ~£90,000 between now and the end of January to reach our target raise of £475,000. As we have extended the Share Offer Period, we should point out that you can reconsider your subscription if you wish. However, we hope you will continue to support this important development of community-led homes for local people in York, as well as enjoying the benefits of your investment - both social and financial - long into the future. As a member of YorSpace, you will, of course, continue to influence Lowfield Green and future community-led affordable development in York.
Since we launched our Share Offer we have received:
- Subscriptions to minimum raise of £365,000
- £100,000 investment from Co-ops UK Booster Fund: This means that every pound invested from our subscribers is matched by a pound from the fund, up to the value of £100,000
- £68,000 funding from Power to Change “Homes in Community Hands” grant funding. This is Lottery funded money created to support and develop community businesses
- There has been some slippage to the Lowfield Green project, due to some minor delays to building access and utilities on site. This means we now expect start on site in Spring 2020.
Without your commitment...
We would never have come this far without your support and hope you stay with us for the long term to enjoy the benefits of investing. We would really appreciate it if you could share the link to our investment with your networks as widely as possible at www.yorspace.org/invest.
Our heartfelt thanks, again, for your continued support.
YorSpace Board of Directors