D
Development Funding
As our development will be set up as a community land trust this will enable us to give greater control to the community and public sector, we wanted to avoid private sector funding in order to maintain as much control of the development as we want the development to be orientated towards the local community as much as possible.
Funding for Objectives
To best fund our project it would help to tailor the funding to our design objectives and aims for the project, this can help us identify the area where we could quire more funding to better deliver these aims.
To achieve our aim of delivering a large amount of affordable housing for the site, we are able to target schemes such as as the community land trust, by establishing ourselves as a CLT it will allow us access to £215mil over a 5 year period to allow us to deliver on our goal of providing affordable housing.
Sources For Funding Development
Risks
Commercial Space
Due to the area's proximity to financial and business hubs such as Canary Wharf, there might not be any incentives for companies to move and invest in the area.
Affordable Housing
Due to our aim to provide 50% affordable housing on the site, this might compromise our ability to secure funding from schemes that will only fund projects showing the ability to break even or make a profit.
CLT
Acquiring funding for CLTs can be relatively easy however if funding were to run out midway through development then this would halt the project until enough back can be found to resume development fo the site. This might drive investors and businesses away due to delays in the area.
Design Compromises
As the development is a CLT, levels of funding are not the same as if the project was backed by private finances, this might mean we have to compromise on some of the design objectives we have set. Such as the use of sustainable materials and building techniques, this is always more expensive to implement.
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Our aim is to use the mills building as an indoor space as a community space where people can come and interact, this benefit the community as they have a lack of space such as this, however, this might affect profits as the high regenerate cost for the mills building might mean that we need to maximise the rental income from commercial companies and smaller businesses to afford to fund the community spaces.