We have secured around £69m to support our ambitious plans to build more high-quality affordable homes in the eastern region. This will pay for an extra 500 new homes in the coming years.
We currently have around 650 properties under construction. The additional money will be invested to provide another 500 new homes for affordable rent and shared ownership to help meet local housing needs.
The funds are being provided by a well-established financial process called a ‘bond tap’. A bond is a type of borrowing that organisations use to finance future projects and investments. By selling (or ‘tapping’) an additional £50m of this bond now, we have been able to secure an additional £19m to invest in future affordable housing projects.
We are determined to address the shortfall of affordable housing in the region and have a target of building 365 new homes a year. We delivered 375 new homes last year and were named one of the 50 biggest builders in the country. We work with a number of partners to provide a wide range of different types of housing to meet local need.
Paul Edwards, Deputy Chief Executive and Chief Financial Officer said: “We’re thrilled with this result, as the financing means we can continue with our ambitious commitment to deliver hundreds of new homes.
“As we recover from the coronavirus pandemic it’s never been more important to address the shortfall of affordable housing in our region, and we have bold plans for the future. We will continue to invest wisely so we can play our part in providing great quality homes that people can feel proud to live in.”