Selwood Housing secures £55 million to build 1,700 affordable homes
Trowbridge-based housing association Selwood has secured £55 million to build 1,700 affordable and energy-efficient homes by 2034.
The not-for-profit company has secured support from Lloyds Bank in the form of a revolving credit facility, which allows it to access funding up to an agreed limit over a period of time.
The firm said the homes would reach the environmental target of EPC C rating or above by 2030, ahead of the Government's regulatory requirement of 2035, as part of its aims to achieve net zero by 2050.
Currently, 75 per cent of Selwood's housing stock is EPC C rating or above, with more than 90 per cent of its new builds being built to a minimum rating of EPC B, which Lloyds Bank’s funding will also help to maintain.
Mark Mayler, group finance director at Selwood Housing, said: “Our commitment to supplying affordable and sustainable housing to help revitalise our local communities remains at the heart of everything we do.
"Lloyds Bank has backed our vision from the very start and this latest support will ensure we can continue to make a real difference and tackle the housing challenge head on in the South West for many years to come.”
Valeriia Watts, associate director of real estate and housing at Lloyds Bank, added: “The team at Selwood Housing recognise how important it is to build homes that can both help plug the housing gap in the coming years but are also fit for the future.
"We’re proud to support vital housing providers like Selwood Housing to help them reach their sustainability targets and give more people access to affordable housing.”
Selwood Housing was founded in 2001 and has more than 7,000 homes for rent and shared ownership across Bath, wider Somerset and Wiltshire.