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25/04/2016

£1 billion backing of UK social housing

Words: Huw Morris

The European Investment Bank (EIB) has unveiled its largest ever loan for social housing with £1 billion for the UK.

Under the expanded affordable housing finance programme, in partnership with the Housing Finance Corporation, the EIB is providing £1 billion to tackle social housing shortages and accelerate new build.

The move follows an earlier loan of £500 million under the programme.

The 30-year EIB loan will be matched by the corporation and will support £2 billion of overall investment in new social housing and urban regeneration schemes by housing associations.

More than 20,000 affordable homes are expected to be built under the scheme.

EIB vice president Jonathan Taylor said: “Local investment under this initiative will improve lives, create jobs and cut heating bills in homes across the UK.”

More than 70 housing associations have applied for financing under the expanded programme.

Image credit | iStock

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