Housing association gets European investment for social housing

Why the government's independent review into building social homes is nothing of the sort

A housing association has secured £80 million to support construction of social housing and shared ownership.

bpha announced it has secured the money, which will support the development of over 850 new social housing and shared ownership homes within the Oxford to Cambridge arc.

Over half of the money, £44 million, was raised from the European Investment Bank (EIB) under the Affordable Homes Guarantee Programme.

bpha also raised £36m through participating in the Affordable Housing Finance (AHF) tap of its bond earlier in March 2016.

Paul Gray, Chief Financial Officer at bpha commented: “This new funding is highly cost effective, offers great value for money and helps maintain our liquidity levels to support our ongoing development aspirations. 

“bpha serves some of the areas of England with the most pressing need for quality affordable and shared ownership housing.

“Through the targeted government scheme, bpha is able to generate significant additional capacity to deliver new homes.”

Piers Williamson, AHF chief executive, said: “bpha are delivering badly needed affordable homes in some of the most in-demand areas of the country. By providing them with very cost-effective financing we hope that we have helped them deliver real value for money outcomes.”