Southport included in Milti-Million pound affordable homes deal

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Southport included to build Milti-Million pound affordable homes

Over 850 new homes to be built in North West

Communities in the North West are set to benefit from 871 new affordable homes under a multi-million pound deal announced by Housing Minister Kris Hopkins.

A total of 13 housing associations in the UK will receive a share of £208million in loans, offered on the best rate ever achieved, to help deliver 4,800 new affordable homes.

In Greater Manchester there will be 429 homes built, while in Lancashire there will be 361.  Southport in Merseyside will benefit from 57 new affordable homes, and 24 will be built in Allerdale, Cumbria.

The scheme will also extend to Scotland, where 147 homes will be built in Glasgow, and Wales, where 329 affordable homes will be built.

Unlocking funding for affordable housebuilding

The agreement forms part of the Affordable Housing Guarantees Scheme, delivered by Affordable Housing Finance, part of The Housing Finance Corporation.

Through the scheme the government uses its strong economic record to guarantee and unlock up to £3.5billion of cheaper debt for Affordable Housing Finance, enabling  it to lend  this on to housing associations to build new homes to rent for families in need.

Today, Affordable Housing Finance issued its first bond to raise the funding for the schemes, worth £208million and priced at 3.8%– the lowest priced bond in the affordable housing sector’s history.

A total of 13 housing associations will have access to this new funding.  Taken together with around £250 million from an existing European Investment Bank loan also guaranteed by government, these housing associations will deliver around 4,800 new affordable homes.

Housing Minister Kris Hopkins said:

“Since 2010 we’ve delivered 170,000 new affordable homes – but we want to go further.

“Today’s deal means thousands of new affordable homes will be built in communities from Glasgow to Truro, for families in real need.”

“And thanks to our hard-won and strong economic record, cutting the record deficit we inherited, these housing associations have access to funding for housebuilding at some of the lowest rates the sector has ever seen.”

Delivering thousands of new homes

Since its launch in 2013, eight housing associations have been approved to receive funding through the Affordable Housing Guarantees Scheme.

Today, Mr Hopkins announced a further eight housing associations that will receive funds through the scheme – six of which are hitting the ground running by receiving funding through this first bond issue.

All 16 are expected to borrow up to £630million to get over 5,900 additional affordable homes underway by 2017 – with 4,800 of these being delivered thanks to today’s new bond.

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