A social landlord is set to borrow £90m from a council in order to build over 1,400 affordable homes.
Helena Partnerships Ltd is aiming to build social and affordable homes in the North West over the next five years using money borrowed from Warrington Council.
Leader of Warrington Council, Terry O’Neil, has described the loan as win-win, reports Inside Housing.
He said: “This is one of those genuine win-win opportunities. This loan will help drive regeneration. It will stimulate house building and create jobs. It will bring much-needed affordable properties within reach of hundreds of families. It will help close the gap by bringing regeneration to some of our most deprived areas. And as a related benefit it will bring in much-needed income, which will help us to protect essential council services. Warrington Borough Council has been one of the first local authorities to do this, but other councils are gradually starting to do the same. This is good news because there’s currently a shortage of long-term finance due to the banking crisis, and as a result the UK is building about 100,000 new homes a year fewer than we actually need.”
Rob Young, chief executive of Helena Partnerships, said: “We have been working with Warrington Council for the past few years after we were appointed as their preferred development partner. This funding will help us to realise our ambitions to create over 1,400 social and affordable homes in St Helens, Warrington and across the region over the next five years.”
Warrington Council has provided loans to housing providers since 2010.
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