A Letchworth Garden City housing provider has secured a £20million revolving credit facility from Lloyds Bank Commercial Banking to support its plans to build more than 300 homes over the next five years.
Howard Cottage Housing Association specialises in providing social housing and properties for shared ownership and has more than 1,600 homes in its portfolio. All properties are within 25 miles of its Letchworth Garden City headquarters and are based across North Hertfordshire and Central Bedfordshire.
The package from Lloyds Bank will support the housing association’s plans to build 70 new properties a year over the next four to five years.
The organisation will also redevelop its Letchworth Garden City based sheltered housing scheme, which currently hosts 39 one-bedroom properties for residents over 55 years old. Demolition works have now completed and the organisation will rebuild 71 two-bedroom homes by 2020.
Michelle Cross, Finance and Resources Director at Howard Cottage Housing Association, said: “The new funding will help us to support our current and future residents as we strive to build more homes across the region.
“The team at Lloyds Bank fully understood what we were trying to achieve. We’re looking forward to working with them again in the future as we continue to grow our portfolio.”
Julia Munday, Relationship Director at Lloyds Bank Commercial Banking, said: “Howard Cottage Housing Association is a great organisation that makes a huge difference to the lives of its residents by providing quality housing.
“Our latest Housebuilders report showed that almost three quarters of UK housebuilders said the sector has the resources it needs to help the Government achieve its ambitious plans for building new houses, which include more affordable options.
“It’s encouraging to see local organisations like Howard Cottage Housing Association tackling this issue. The latest funding package we’ve provided underlines our commitment to helping Britain prosper by supporting the social housing sector and the crucial role it plays across the UK.”
Howard Cottage Housing Association was one of the UK’s first housing associations and was established 1911. The organisation currently employs 58 members of staff.