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Social performance

Investment in YorSpace will fund the purchase of their first site at Lowfield Green, Westfield, York. They have a finalised purchase contract with City of York Council for a 0.75 acre plot; full planning permission agreed for 19 homes plus communal facilities and a full complement of residents for all properties.

Key Social Performance Indicators (KSPIs)

KSPIs are a measure of how the business is performing on delivering its main social or environmental purpose. Read more

KSPI 1 - Lower Cost Housing

With no developer profit the houses are much more affordable, around 80% of current rent or mortgage costs.

KSPI 2 - Environmentally Sustainable

With access to grants from the Community Housing Fund and other grant aid, homes can be built far more energy efficient and environmentally sustainable, better for the planet and the purse.

KSPI 3 - Cooperatively Owned

The model YorSpace has created is an ownership model. People who live in each development own a part of the whole development. Their equity grows and if they need to move they can take their equity with them to either join another similar development elsewhere in the country or use as equity to buy an individual property.

Equity only grows in line with inflation. In this way if the development is affordable now, it will be affordable in the future. The development will also not be subject to the swings in the general market. This means that while people will not benefit from large increases in the market, no one will be caught in negative equity, a crucial benefit for those entering the market for the first time.

KSPI 4 - Creating Community

Each housing development will involve a mixture of housing, from one bed apartments to four bed houses, to create a diverse mix of generations, life stages and family sizes. While everyone has their own front door, there is a common house for residents to share meals and life together.

The nature of the community benefit society also enables the wider community to be involved – those who want to help others gain a stake in the housing market, and see lots of potential from developments of this type. This is also evidenced in the proposed approach to funding the development.

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