Redrow Homes launches charitable trust for Luton's Caddington Woods
Redrow Homes is proud to launch its new charitable trust, as it plans to invest millions into 'vital local services' for its Luton community.
The housebuilder has partnered with the Central Bedfordshire Council, General Motors, and the local community in Chaul End to launch the CaSE Community Trust.
To start the exciting new venture, Redrow Homes South Midlands, through the Trust, is planning to invest a further £5m into community projects such as bus services, woodland and landscaping, and youth work for its Caddington Woods development.
Tonia Tyler, sales director at Redrow Homes South Midlands, said: “The principle of ensuring a lasting legacy for the community was key.
“Instead of a one-off contribution by a developer through the standard Section 106 mechanism, the CaSE community trust will support projects like the bus service in perpetuity, in turn helping to assist local authorities in their objectives, delivering vital local services, and building thriving communities.”
A spokeswoman added: “The registered charity operates via a scheme which harnesses the rental values of some of the affordable homes at Caddington.
“Forty-six of the affordable homes have, or will be, permanently endowed by Redrow Homes South Midlands to the Trust, and the properties will then be rented at Intermediate Rents (i.e. 80 per cent of market rent) to those who meet relevant criteria.
“However, the revenue derived from this will be invested back into the community through CaSE – for instance, for upkeep of public open space on the site, a bus with free and discounted services taking people from the development to the local village, school, and projects.”
In a 20-year period, the income derived from the 46 properties will allow the Trust to deliver: £2.6m investment into bespoke bus services; £1m investment into the woodland and landscaping; £1.25m into on-site community development/youth work; £400,000 into grants to the local community/parish; full operation of a community centre; a sinking fund after 20 years of £1m.