A transformative £1.8 million investment by Resonance Community Developers (RCD) into Community Ventures (Middlesbrough) Limited (CVL) is set to tackle the growing social housing crisis in Middlesbrough, bringing nearly 50 empty homes back into use.
Strategic Investment for Affordable Housing
As the UK grapples with a worsening housing shortage, Middlesbrough has nearly 2,000 households on its social housing waiting list. To address this, the investment includes £500,000 for acquiring 14 one-bedroom apartments, two two-bedroom apartments, and six commercial units in Shelton Court, East Middlesbrough. The remaining £1.3 million will be used to purchase and refurbish additional vacant properties.
Sustainable Development and Economic Growth
This investment is not just about housing; it’s a significant boost for the local economy. The project will create job opportunities in property refurbishment and long-term housing management, driving business growth and providing a sustainable model for housing investment.
Jon Rolls, Head of Developing Communities at Resonance, underscored the investment’s long-term impact:
“Community Ventures (Middlesbrough) is based in one of the 10% most deprived neighbourhoods in the country, where there is a chronic shortage of affordable housing, and a high level of unemployment.
From the moment CVL approached us, we could see the opportunity and the difference our investment would make to the community. Mike Millen and his team’s dedication and expertise gave us the confidence to invest in the two opportunities.”
Responding to Market Demand
The rising demand for rental properties, particularly due to large-scale projects like Teesworks, has further squeezed lower-income households out of the market. CVL CEO Mike Milen described the importance of responding quickly:
“This demand has seen those least able to move or pay more left with very few options. Resonance funding has allowed us to move rapidly to deliver on our plans for an expanded property portfolio. We are also now moving forward to purchase and bring back to life 50 void properties.”
Real-World Impact for Residents
Beyond numbers and financial figures, the impact of this initiative is tangible. Jodie, one of the new tenants benefiting from the scheme, shared her personal experience:
“The 2-bedroom property that CVL has provided is great. It is well decorated and means I now have my own place where I feel safe and secure. This home has given me the confidence to rebuild my life, make new friends and help other people who have been in my position by supporting the work of CVL.”
With councils spending £2.29 billion on emergency housing solutions, this proactive investment offers a long-term, sustainable alternative. Resonance Community Developers has already committed £10 million across the country to similar initiatives, ensuring that strategic investment in social housing remains a top priority for communities in need.
