Find out how Aspire Ryde is helping to tackle the affordable housing crisis on the Isle of Wight.
Social Problem
Many rural areas are struggling with a severe lack of affordable housing. The problem has increased since the pandemic. More people can now work from home so don’t need to live within commuting distance of their employer. As a result, they’re free to move out of towns and cities into rural areas. An added difficulty is residential properties being bought up to use as holiday lets. Increased demand, often in areas already short of homes, has pushed prices up. On the Isle of Wight, the average price of a new build property has almost doubled in the last 12 years.[1]
Solution
Aspire Ryde helps to tackle social isolation and foster community cohesion. It offers a wide range of services, from bicycle repair workshops and free community lunches, to suicide prevention programmes. The charity runs two small housing projects and is now in the process of developing five self-contained flats to use as move-on accommodation for care leavers.
Loan
The charity was awarded a grant of £250,000 towards the cost of buying its community hub and redeveloping the property to incorporate the five new flats. However, Aspire Ryde still needed a £445,250 loan, which Charity Bank was happy to provide. The purchase has now been completed, and Aspire Ryde is in the process of transforming the building.
“Charity Bank guided us through the loan process, right from the initial business planning stage to completion. Our main contacts, Mark and Lisa, were fantastic at pushing things forward and supporting us with whatever issue we were trying to deal with. They were always there to talk things through and offer support.”
Trevor Nicholas, CEO of Aspire Ryde
Impact
Once they have the basic necessities of an affordable home and food covered, Aspire Ryde’s tenants will be able to focus on taking the next steps in rebuilding their lives and breaking out of the cycle of poverty and social isolation.
“Aspire has been my Saviour”
An Aspire Ryde volunteer
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,100 loans totalling over £400m to housing, education, social care, community and other social purpose organisations.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.