Finance from Triodos Bank enabled High Bickington Community Property Trust to begin the first phase of the flagship Community Land Trust development of affordable housing, workspaces and a renewable energy plant.
The second phase saw the development of a community building, playing fields and the building of infrastructure for a new primary school that also has a multi-use games area, a health centre and a community woodland.
The project marked a key demonstration of the government's localism and big society agendas and it has had a considerable impact within the local community.
The development of affordable housing offers a mid-way point between social housing and open market housing, specifically targeted at local people on low incomes who have a direct connection and input to the community.
Charles Middleton, Triodos Bank's UK managing director, said: "This is a significant loan for Triodos and a flagship project within the scope of the new political landscape. It is a project we are delighted to be able to support, using our collective experience to get it off the ground. We look forward to supporting more projects of this nature as the localism agenda really takes hold."
The Homes and Communities Agency (HCA) was one of a number of funders and community organisations involved in the project, investing £360,000 in the first phase of the development and working with the trust to get the project to this stage.
Colin Molton, HCA director with responsibility for investment in the South West, said: "This project is evidence of what can be delivered when local people deliver a clear vision for their community and enlist the support of partners to make it happen. I'm delighted that we have been able to play our role in delivering this scheme and helping High Bickington lead the localism agenda, in a real and vivid way."