WCHG nets £127.5m from NatWest
Wythenshawe Community Housing Group will use the funds to improve its existing 14,000-home portfolio and further its goal to build 200 residences a year.
The £127.5m breaks down to a £87.5m loan and a £40m revolving credit facility.
Among the issues that WCHG hopes to address with the money are fire safety, damp, and energy efficiency.
“Access to good quality, affordable housing in Manchester is crucial,” stated Simon Morris, WCHG’s executive director of finance.
He continued: “This investment will empower us to tackle pressing issues, fostering a thriving community in Wythenshawe, supporting people to build successful lives and ultimately making a real difference for the people we serve.”
WCHG has been successful in pursuing loans to support its ambitions, having secured £83.5m from the government’s £6bn Affordable Homes Guarantee Scheme at the end of last year.
Regarding the deal with NatWest, the financier’s relationship manager, Martin Skinner, said: “WCHG’s dedication to improving housing conditions and developing new homes in South Manchester is clear in everything they do, and we are pleased to play a role in helping to address the critical needs of the local community.
“We believe in the power of strong communities and are excited to see the positive impact this funding will have. Supporting social housing projects like this not only benefits the local economy, but it also aligns with NatWest’s commitment to fostering regional economic growth across the UK and underpins its commitment to the social housing sector.”
To that end, the bank announced yesterday a £500m loan offering, ringfenced for the delivery of social rent housing. The loans, reserved for housing associations, will have discounted interest margins and no arrangement fee. This should help the housing groups save up to £25m, the bank said.
NatWest revealed in April another agreement with the National Wealth Fund to support the delivery of social housing. This deal will see the NWF providing a financial guarantee of up to £400m for up to £500m of retrofit loans at NatWest.
We need more bungalows.
By Anonymous
“Fostering growth” through subsidised lending to social housing providers. Not sure it will work.
By Wemightbemad
To be honest I dont think it work because Wythenshawe is tough area and most social housing and hardly get jobs those area. I know those area many many years that make sense.
By G J Kitchener
Yes we need more 1/2 bed bungalows for elderly and disabled, and I know a lot of houses are being built in the area but actual new social housing is being neglected. There are a lot of unemployed in the area they haven’t a chance for a place even with the new builds. Maybe more local people will be able to get jobs at the new hotel being built opposite Europe grange.
By C Cooper,
Yes I agreed more 1/2 bungalows to be built as there is a lot off people wanting to down size. Also the homes being built are not within reach off low income families, or families who are unemployed have no access to obtaining homes.
By susan