Housing association Selwood Housing has secured a £55m facility with Lloyds Bank to enable it to press ahead with its plans to build 1,700 affordable and energy-efficient homes by 2034.
The Trowbridge-based not-for-profit charity, which has more than 7,000 homes for rent and shared ownership across Bath, Somerset and Wiltshire, said the new revolving credit facility would allow it to access funding up to an agreed limit over a period of time.
It is working to ensure that all its homes reach the ambitious target of EPC (energy performance certificate) C rating or above by 2030 – ahead of the government’s regulatory requirement of 2035 – as part of its aim to achieve net zero by 2050.
Currently three-quarters of its housing stock is EPC C rating or above, with more than 90% of its new builds being built to a minimum rating of EPC B, which Lloyds Bank’s funding will also help to maintain.
The organisation is working towards reaching its sustainability targets by adopting a ‘fabric-first’ approach in its development programmes, meaning it prioritises the energy efficiency of a property right from conception and through the design and development process, such as choosing suitable core materials for doors, walls and windows, to ensure it meets the necessary requirements.
Selwood Housing has been a Lloyds Bank customer since it was founded in 2001 Selwood Housing group finance director Mark Mayler said: “Our commitment to supplying affordable and sustainable housing to help revitalise our local communities remains at the heart of everything we do.
“Lloyds Bank has backed our vision from the very start and this latest support will ensure we can continue to make a real difference and tackle the housing challenge head on in the South West for many years to come.” Earlier this year, Lloyds Banking Group announced a new partnership with homelessness charity Crisis and called for 1m new social homes to be built over the next decade.
Lloyds Bank associate director of real estate and housing Valeriia Watts added: “The team at Selwood Housing recognise how important it is to build homes that can both help plug the housing gap in the coming years but are also fit for the future.
“We’re proud to support vital housing providers like Selwood Housing to help them reach their sustainability targets and give more people access to affordable housing.”
