City residents whose Council homes will shortly transfer to Plymouth Community Homes are being invited to bid for a share of the Money Tree Fund which will be handing out £2 million in its first year.

The new not for profit housing association intends to start spending the cash on the first day of the transfer.

Any tenant or leaseholder of Plymouth Community Homes can now start applying for money to fund local environmental projects which will make their neighbourhoods look better, feel safer and bring people together.

PCH Chief Executive Turner said: "This fund is the realisation of one of the biggest promises we made to residents in our Stock Transfer Offer document.

"It’s proof that we intend to waste no time in getting on with the job of transforming our residents’ homes, neighbourhoods and daily lives. A relatively small amount of money in the hands of enthusiastic and committed residents can make a staggering difference to a local community.”

Projects might include a local gardening scheme, tool lending libraries or food growing co-ops. The association pledges to spend £10 million on environmental projects inspired by residents in the first five years.

First in the queue for a share of the cash is Dave Smith who has been running the pioneering Maker View community project in Stoke for the last 18 months with no funding. Local residents of all ages, including school children, have turned a neglected piece of wasteland into a delightful community garden and wildlife haven.

Dave said: "We would really love to be able to grow our own produce but without funding it will take years to achieve our goal. The backing of the Money Tree Fund would allow us to reach our full potential.”

For more details about the fund, residents should visit their local housing office or contact the Resident Involvement Team on 01752 306281.

The Council’s 15,000 homes are due to transfer to Plymouth Community Homes on 16 November, following formal approval by the Council next month.

Councillor Ted Fry, Cabinet member for Planning, Strategic Housing and Economic Development, said: "This transfer is the investment opportunity of a lifetime with Plymouth Community Homes planning to plough £168 million into improving tenants' homes in the first five years.

"I'm delighted to see they intend to hit the ground running with this innovative scheme to encourage residents to pull together to improve their own neighbourhoods."