The Exeter Development Fund is an innovative funding solution that will give Exeter and its communities sole control over how the city is developed. Exeter City Futures has been awarded £1m by the Government (MHCLG, One Public Estate) to develop the replicable concept and take it to the market UK-wide.
Exeter City Futures and Global City Futures are working with Exeter’s 5 largest public sector institutions and central government to change the way we build homes, transport and energy networks, to transform our built environment away from historical practices and spearhead the transition of communities away from fossil fuels and towards sustainable, affordable, healthy homes in 15-minute communities.
How? – It’s well known that outcomes for developments cannot be controlled by planning powers alone – controlling the project’s finance is the only way to achieve outcomes for certain: our work aims to create a financing tool to do that.
The tool creates a financing source for the city to self-develop to sustainable, carbon-free communities that people can afford to live in and, hence, change the way it delivers its built environment from the foundations up: we can’t add in carbon-free technology solutions effectively unless the built environment is designed to do so.
Our approach explores home/energy/transport provision as a combined service serves to foster a culture where residents ‘buy into their community’ rather than the traditional bricks and mortar ownership pressure under which the existing UK housing market labours.
Additionally, with no private sector shareholders, the tool’s proposed finance structure is able to recycle its surpluses into future development projects that truly create sustainable communities such as active travel networks, car-free neighbourhoods, renewably powered homes and community facilities.
Come back soon for more information and technical details.