We’ve managed to secure £25 million in funding through Venn partners to develop 200 new homes in Plymouth and the surrounding areas.
The loan is part of the Affordable Homes Guarantee Scheme (AHGS) which provides cost-effective loans to support the social housing sector’s investment in new and existing homes. Plymouth and the surrounding areas will benefit from an additional 200 homes which PCH will develop over the next five years.
The AHGS is a cost-effective, government-backed lending scheme to support the delivery of new affordable homes, recently increasing in size from £3 billion to £6 billion. AHGS has continued to offer support to a wide range of housing associations who are committed to developing new homes as well as maintaining high quality existing homes.
Nick Jackson, Executive Director of Business Services and Development at PCH said: “We welcome the positive partnership with Venn which has achieved funding at a very competitive price to finance 200 new homes for social rent and shared ownership in Plymouth and the surrounding areas. This is a big step towards achieving our aspiration of building 1,500 homes over the next 5 years and we would welcome further collaboration with Venn to achieve this.”
Richard Green, Portfolio Manager for AHGS and Partner at Venn, commented: “We are delighted to have worked with Plymouth Community Homes and provide them with this new loan to support the development of over 200 new affordable homes in their local communities. We are pleased with the outcome of this sale of the retained bonds and were able to achieve very competitive pricing, under 4.40%. This is testament to AHGS’s ability to support the sector with low-cost funding with all-in pricing which is accretive to Plymouth’s business plan aspirations.”
