A new social impact evaluation carried out by Social Value Lab has been released today.
Conducted on behalf of Cunninghame Housing Association, the research examines the economic, social and environmental impact of housing and regeneration activity on the Vineburgh estate.
Appointed by North Ayrshire Council as Lead Developer, Cunninghame Housing Association, in partnership with the Council, has been responsible for delivering a £37m housing led regeneration Masterplan, within an area which had high levels of deprivation and low demand for housing. The initiative will deliver almost 300 affordable new homes over 4 phases over a 5 year period. Phases 1 and 2 are now complete.
Formally launched at a reception hosted by the Scottish Federation of Housing Association at the Scottish Parliament, the research shows the considerable impact that housing led physical regeneration can have on the health, confidence, pride and general wellbeing of tenants and also revealed significant positive impacts on the wider community of Vineburgh and other local stakeholders.
The analysis shows that every pound invested in Vineburgh Phase 1 achieved a social return of £3.25. With an investment of almost £7.5million, the total social return of Phase 1 of the Vineburgh Development is forecasted at £24.3million over 30 years.
Frank Sweeney, Chief Executive, Cunninghame Housing Association Ltd., commented:
“This is the first comprehensive analysis of the Social Return On Investment from a housing led regeneration project in Scotland and is a first for North Ayrshire.
For the first time it provides, not only the Housing sector, but Government with an independently assured analysis by the International SROI Network that clearly demonstrates the wider economic, social and environmental impact of housing led regeneration investment and the social value created for tenants, communities and local stakeholders.”
Dr Mary Taylor, Chief Executive of the Scottish Federation of Housing Associations, welcomed the report:
“It is clear to those involved of us in housing associations and co-operatives that our work makes a huge social and economic contribution to our communities. But it is even better to be able to demonstrate that impact to others. And that is what this excellent report from Cunninghame Housing Association is about. It shows the range of beneficial impacts of government investment combined with private borrowing in terms of the environment, health and wellbeing, jobs, confidence and employability, not to mention homes. I commend Cunninghame’s commitment to demonstrating the social return on investment with the Vineburgh regeneration project.”
You can download a summary of the report here.
For further information on social impact reporting contact Jonathan Coburn, Director, Social Value Lab at email@example.com or on 0141 352 7419.