£30m secured to deliver new homes
Eastlight has secured £30million in funding to enable construction of hundreds of new affordable homes.
The funding comes in the form of a loan from leading investment firm, Venn, through the Government’s Affordable Homes Guarantee Scheme (AHGS) – a scheme which provides low-cost, long-term loans to social housing providers to help provide more affordable homes in a bid to reduce the national housing shortage.
The funding will enable Eastlight to build more than 120 homes across the East of England for both affordable rent and shared ownership, marking a significant step towards our goal of delivering 1,200 new homes over the next five years.
This reflects our core purpose to deliver new high-quality, safe, decent and well-maintained homes, as well as our aim to develop new partnerships to grow our business and deliver for residents.
The loan, which is guaranteed by the Government, will be repaid over an 11-year period with a low rate of just 4.92%, with the cost and term of funding also supporting our principle of being a financially resilient organisation which will boost confidence in delivering our strategy.
David Mullen, Executive Director of Finance at Eastlight Community Homes, said:
“The further £30m raised through the government’s Affordable Homes Guarantee Scheme (AHGS) reinforces Eastlight’s ability to deliver affordable homes, following the £70m we secured last year.
“The government-backed funding will allow us to continue building homes for those who need them most and supports our Corporate Strategy and Business Plan, which aims to deliver more than 1,200 new homes over the next five years.”
