The focus of this share offer is to finance St Ives CLT's first major project, the purchase and renovation of the Old Vicarage Flats building in Street an Pol in the centre of St. Ives, providing six affordable homes for rent. The flats will be managed as a community-led housing project by St. Ives CLT which will develop and will set the rent levels and criteria for tenant selection, overseen by democratic governance by its members.
Once acquired through a combination of community share investment capital, donations, grant aid and a long-term social investment mortgage, the flats will be re-modelled and renovated to a good standard of environmental sustainability, given the age and structural demands of the building. As a result, tenants will enjoy lower energy bills and St Ives CLT will have contributed to wider environmental improvement. The flats will be available for rental as affordable housing and protected for the benefit of the community through an asset-lock protection in the Society's Rules (available on request).
At the feasibility assessment stage, in order to give confidence on costs, St Ives CLT analysed five potential options for converting the building. The preferred option will create six flats capable of providing ten people with affordable homes. This reduces the local housing requests waiting list by 1.5%.
Any surplus of capital raised through this share offer could be used to support feasibility assessments of future projects. However, the views of investors (members) would be sought prior to any such action being endorsed by the Board.