To ensure the Powerstock & District CLT Ltd achieves this it has been registered as a Community Benefit Society and it needs members to join and help achieve its objects. Each member will have one, equal vote at general meetings, be able to put themselves forward as a board member and elect the board.
A Community Benefit Society is joined by members owning shares in it. Unlike a share in a company (such as British Gas) you will not ‘own’ part of the CLT and will not receive any payment from profits. The shares cannot rise in value but may lose value. You cannot sell them.
As a Community Benefit Society, as well as guaranteeing democracy and ensuring its assets are protected, Powerstock & District CLT Ltd will be able to raise money through issuing shares. Currently, we just want membership.
We are asking for those who want to support our initial goal of providing affordable housing for local people to invest £1 in shares and join us.
You can join by filling out the form on this page.
What is a Community Land Trust?
It is a New Way of Doing Things...
Community Land Trusts (CLTs) are being set up across the country to help provide affordable homes and services for local people. By forming a partnership with a Housing Association, the CLT can lead the housing project and generate a long-term income whilst being protected from the risks involved. The community then has a financially viable Trust able to take on future projects for the benefit of that community. The main features about this new way of doing things are:
Land Ownership. The CLT can secure the housing site in perpetuity for the community (with an option to take on full ownership of the properties from the Housing Association should the CLT ever wish to do so). The CLT will enter into a long term lease with the Housing Association and have an influence over important things like layout, design and occupancy.
Affordable Homes for Local People. Those with a strong local connection – through living or working in the parish, or having family there – have priority for the housing. This is enshrined in a legally binding agreement between the Council, the Housing Association and the Community Land Trust.
Access to grant funding. The creation of the CLT enables government grants to be obtained for community led housing schemes.
Financial viability. The CLT obtains an income from ground rents sufficient to cover the Trust’s running costs and provide a small income for other projects. The Trust is therefore financially sustainable.
Potential for other projects. The priority is land for housing (rental and shared ownership) – using the current housing needs survey to establish number and mix. However, the scope of the Trust provides a vehicle for the Powerstock & District CLT Ltd to own, develop and protect other property and land.
Democratic. The Trust is a democratic organisation - with membership open to anyone supporting its objectives.