Funds secured for sustainable living housing co-op in rural North Wales
A housing co-op and its residents have obtained a refinance and property improvements loan package for their remote co-operative living space set in the beautiful Powys countryside.
Established in 1985, Undergrowth Housing Co-operative Limited (UHC) was set up by local residents wanting to turn an unused property into shared co-operative housing focused on sustainable rural living. With the main part of the building dating back to 1860, the property and its seven acres of land are largely isolated within remote countryside approximately 7 miles from the small historic market town of Machynlleth, North Wales.
The building (although structurally sound with foundations built into the sturdy bedrock of the hill it is situated on), has undergone various renovations over the decades as well as solar and hydro power installation; but obtaining loans from Co-op Loan Fund and Co-operative & Community Finance has meant the housing co-op can use the incoming funds for refinance and further property improvements in 2024.
The property which is made up of two buildings (the main house and an annexe which is used as a living space) has seven rooms available with six residents currently residing in the house. As passionate advocates of co-operative housing, the residents and board members of UHC also have keen interests in sustainability and environmental issues, with most having some form of connection to sustainability through employment or previous living arrangements. Own Shiers, Secretary of UHC said: “In a market where it’s becoming harder for co-ops to either get a mortgage or refinance, Co-op Loan Fund and Co-operative and Community Finance have really come to the rescue. We have been able to access funds which allow us to carry out vital structural work to secure one of our barns as well as other infrastructure improvements. Without this support we would have had very few places to turn to and fewer living spaces to offer our residents. Co-op Loan Fund and Co-operative and Community Finance were a delight to work with and we all felt like they understood our needs and were ready to champion our cause.”
Kevin Lloyd-Evans, Lending and Relationship Manager at Co-operative & Community Finance and Co-op Loan Fund said: “We are proud to support the vision and values of this housing co-operative with our loan package. By enabling sustainable, community-led housing solutions, we’re not just financing a project; we’re investing in the power of collaboration and a brighter, fairer future for all.”
Housing co-ops offer an excellent opportunity to meet the affordable housing need in the UK. However, the sector is massively under resourced. Supporting housing co-ops and proving the model works is vitality important to Co-op Loan Fund. We are proud to support co-op housing and help create an altogether different way for you and your right to fair and affordable housing.
