Affordable homes fund set to reach £100,000 milestone

A unique fund to provide affordable homes in Glendale is expected to reach £100,000 by Christmas.

The community bond scheme - which was launched by the Glendale Gateway Trust in October - currently stands at £94,000.

“We’ve been delighted with the response,” said trust chair Patsy Healey. “Our plan to develop nine affordable homes in Wooler has clearly struck a chord with people locally, and the money goes a long way towards helping finance the scheme.

“This is a real demonstration of community support.”

The trust plans to provide five flats in the former Wheatsheaf Hotel building and four in the former Abbeyfields Home, just off the High Street.

Community Bonds cost £1,000 each, and are repayable in three years’ time at face value. The trust has had two major contributions, from Lilburn Farming Partnership and Ford and Etal Estates, both of which have bought £30,000 worth of bonds.

Also included in the £94,000 sum is £12,000 from outright donations, £10,000 of which came from an anonymous benefactor.

Trust director Tom Johnston said: “It really is heartwarming to see people supporting this project by making a real commitment.

“The days of easy public money are gone. In the past many community projects were achieved by public subscription – which in a way is what we are doing today.”

Before the community bond scheme was launched the Nigel Vinson Charitable Trust had already donated £40,000 towards the cost of buying the Abbeyfields building. The homes are being built with the help of grants from the Homes and Communities Agency and are expected to be ready by the end of next year.




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