Plymouth’s largest public housing owner to build 1,000 new homes after securing a £ 65million loan from NatWest bank.
Plymouth Community Homes (PCH) aims to build affordable housing by 2026 by expanding its existing portfolio to more than 16,000 units.
The majority of the new homes will be rented at affordable rent, with condominium homes also under development in and around Plymouth.
The financial package, a risk-free loan financed by the SONIA (Sterling Overnight Index Average), will also support PCH’s investment in maintaining the high quality of its existing homes.
Founded in 2009, PCH is Plymouth’s largest provider of affordable housing, providing social housing to over 35,000 people in the city, and acting as a business owner operating more than 170 stores.
Under its So Living brand, PCH also offers condominium homes in Devon and Cornwall and has sold 167 condominiums in the city and region since 2012.
It employs 642 full-time people across the company and provides support to residents to help them gain skills and skills useful for work and family life.
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Nick Jackson, Director of Business Services and Development at PCH, said, “With funding from NatWest, we can both expand our affordable housing portfolio, as well as ensure we maintain and invest in our existing properties. and to continue the excellent services we offer. As we expand, we will continue to focus on improving lives by providing affordable housing and excellent services.
“We will also continue our apartment block improvement program as well as the community initiatives, courses and training sessions that we believe are essential to supporting our residents and creating thriving communities. The interest coverage covenants will allow us to undertake the modernization of our buildings with more flexibility.
The funding is part of NatWest’s pledge last year to support the housing association sector with £ 3 billion in funding through the end of 2022. This will support increased housing supply social, as well as the improvement of existing properties.
Dean Holleyman, NatWest Director, Housing Finance England & Wales, said: “We have worked with PCH since its inception in 2009. The investment and work PCH undertook during this time has positively transformed the lives of its tenants and residents. communities it serves.
“We are rightly delighted and proud that our support of PCH helps them continue this great work by investing more in their new and existing homes in and around Plymouth. “