South Oxfordshire Council has granted a £15 million loan to a housing association so that more affordable home can be constructed in the area.
The council have provided the loan to Soha Housing, for 20 years, and will be secured on the social landlord’s current properties.
With the loan Soha Hosing will be able to access low cost funding and at least 75% of the home built with the funds must be within the council’s area. The remaining affordable properties have to be within 10 miles of the district.
The money will also contribute to the social landlord’s current development programme and the new properties will help the council tackle the housing list which currently has 1,450 people waiting, reports Inside Housing.
Ann Ducker, leader of the council, said: ‘One of the ways to make more social housing available is to ensure that funding streams are available which will allow building programmes to take place. This low-cost, long-term loan that we have approved is a great way to make sure that this happens. Over recent years, through extremely careful financial planning we have built up sizable cash reserves. We are now in a position where we can use a proportion of this money to address the housing need which is a real priority across the county, including many in the South Oxfordshire community.
Richard Peacock, chief executive of Soha Housing: ‘This is an innovative approach with the council and Soha working together in a way that benefits both parties and, more importantly, local residents in pressing need of new affordable homes. The loan is really good news for Soha and for its residents, making sure that Soha can include lots of new homes within the South Oxfordshire area as part of its development programme.’
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