Financing the development
The scheme will include affordable housing both shared ownership and rented managed by a Housing Association. We are on the Cotswold District Council Self Build Register. The total cost of the develpment is expected to be about £8.5 million.
Mixed tenure of properties:
- sold at market rates
Of the 32 planned units, we anticipate two-thirds will be owner-occupied or privately rented, with the balance being in shared ownership or affordable rented. We expect that the private rentals will be owned by private landlords, sympathetic to cohousing, some of whom could be owner-occupiers within the scheme.
We estimate the range of sale prices to be £175,000 to £375,000 (2016 figures) depending on property size. Annual charges to cover upkeep of the common property have yet to be determined.
Sources of funding
Initially we will apply for funding from the Homes England Community Housing Fund:
- to help finance our bid for a site on land south of Chesterton
- to pay for the services of a project manager
- to obtain legal advice to set up a formal structure
Relationship with a housing association
Cirencester Housing Limited has expressed interest in being a potential Development Partner.