Irwell Valley Homes has agreed a £60m funding package with Scottish Widows to deliver more affordable housing over the next five years and invest in its existing homes.
The new funding facility will support the delivery of over 1,000 new homes across Greater Manchester, for social and affordable rent, plus supported housing, which will add to the association’s existing portfolio.
The funding will also support investment to modernise homes for existing customers, helping Irwell Valley Homes to meet its carbon-zero commitments.
This investment will also help to minimise running costs for residents in the face of rising energy prices.
Helen Nicholson, executive director of Finance and Governance at Irwell Valley Homes, said: “With the rising cost-of-living, building more affordable housing and making existing homes more cost effective for our customers are key priorities for us.
“We are delighted to have secured this funding to help meet the growing needs of the communities we serve across Greater Manchester.”
Gavin Reid, associate director at Scottish Widows, Loan Investments, said: “We are pleased to be able to provide a funding package to support Irwell Valley Homes to deliver much-needed affordable homes in the communities they serve, and help deliver their Environmental Strategy.
“The outcome of this investment aligns with our sustainable investment objectives; of which housing is a key part.
“Our facility also provides long term cost certainty for Irwell Valley Homes with funding deferred, an important consideration for our clients given current market volatility.”
Images: sutadimages/Shutterstock
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