In view of this challenging situation, PATRIZIA has created Sustainable Communities – its first impact investing strategy targeting Ireland, the UK and the Netherlands, as well as Sweden, Spain, Belgium, France and Germany. Introduced three years ago, the strategy identifies affordability issues and creates new homes for those in the lower-to-middle-income bracket. The aim is to provide homes for key workers who can’t live close to where they work, as well as for people on the social housing list.
So, how exactly does PATRIZIA define what is affordable or not? First, it examines household income within a geographical area. To be affordable, the combination of rent and energy costs should fall below 35% of gross household income.
What’s more, green yet affordable housing need not be a contradiction in terms. The Sustainable Communities strategy is creating EPC A-rated homes, which aim to be net zero carbon in operation, with as low a carbon footprint as possible.
At the same time, the strategy promotes social inclusion, aiming to combat loneliness, increase social integration and create a thriving local community. As well as having a decent place to live, people across the income spectrum should live close enough to their workplace and be able to access adequate social infrastructure, including public facilities, such as libraries or leisure centres, as well as essential healthcare facilities.