Lloyds Bank has backed a West Midlands housing association with its biggest ever sustainability-related loan.
Solihull-based Platform Housing will use the massive new £235m funding to help it develop new affordable housing and decarbonise its existing portfolio.
The company’s current housing stock includes approximately 47,000 homes serving over 100,000 people in the region and employs 1,500 people.
The funding is Lloyds Bank’s largest ever loan to the sustainability-linked social housing sector and will focus on three key areas.
Platform Housing will improve the energy efficiency of its existing portfolio by changing the fabric of buildings and introducing low-carbon technologies to heat and power homes.
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It will also aim to increase the energy efficiency of all its new properties as it begins to ramp up development activities above pre-pandemic levels of 1,500 homes per year.
Finally, Platform Housing plans to invest in its staff and communities by increasing the proportion of employees who undertake apprenticeships each year, increasing this figure by 0.5% each year for the next five years.
Chief Financial Officer Rosemary Farrar said: “The Midlands is experiencing one of the most acute housing shortages in the country.
“That means it’s crucial to develop a stock that is both fit for purpose and fit for the future.
“We are proud that our ambitions span a range of environmental, social and corporate governance objectives and will deliver a housing portfolio that benefits the communities in which we operate across the region.”
Jatinder Dhaliwal, Regional Head of Housing at Lloyds Bank, added: “Platform Housing is committed to improving its environmental, social and corporate governance delivery to its communities and within the social housing sector and we are proud to help the association in its journey.
“This funding will have a lasting impact on the quality and availability of housing in the Midlands and we look forward to working closely with Platform as it achieves its goals.”