Warrington Council has agreed to provide a £20m loan facility to housing provider Plus Dane Group, to develop and build affordable homes in the borough.
Liverpool-based Plus Dane provides affordable homes for rent and shared ownership throughout Cheshire and Merseyside, and manages 18,000 properties, 309 in Warrington. The group, which has net assets valued at £555m and an annual turnover of £74m, also provides support for vulnerable and elderly tenants and is involved in regeneration projects.
Cllr Russ Bowden, the council's executive board member for finance, said: "This deal gives the council the opportunity to stimulate housing growth, to help deal with the shortage of housing. But it will also help economic regeneration in the borough. Evidence shows that house building is crucial for economic growth. Housing has a direct impact on economic output, averaging 3 per cent of GDP in the last decade. For every new home built, up to two new jobs are created for a year."
Claire Griffiths, Plus Dane's managing director of regeneration and commercial development, commented: "This funding will help Plus Dane deliver nearly 100 high quality new homes in Warrington over the next two years as part of a wider five-year plan that will support local regeneration and create new opportunities for local residents."