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Bank pledges £3bn worth of funding to housing associations over next three years
A major UK bank has announced plans to provide the housing association sector with £3bn in loans over the next three years.
NatWest said the investment will support the development of roughly 20,000 homes, alongside improved living conditions in existing housing stock.
The commitment comes after the bank pledged its support to the National Housing Federation’s Homes at the Heart campaign, which is calling for a once-in-a-generation investment in social housing in response to the COVID-19 pandemic.
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Throughout the coronavirus crisis, NatWest said it has continued to complete deals with the social housing sector and has assisted its housing association customers in raising funds through the Bank of England’s Covid Corporate Financing Facility scheme (CCFF).
Housing associations to have made use of the CCFF, which was set up to help investment grade organisations improve liquidity by selling short-dated unsecured commercial paper to the Bank of England, include Platform, Flagship, L&Q and Optivo.
Alison Rose, chief executive of NatWest, said: “It has never been more critical to support the delivery of housing in the UK as more and more people have had to stay in their homes for prolonged periods during the pandemic.
“Many people have homes where they feel safe and comfortable, but there is still a significant number who don’t.
“We are a strong supporter of the housing sector and its effort in solving the housing crisis, with £12bn currently committed to the sector. But we want to do more and provide more support over the years to come, aligning with our purpose at NatWest Group of helping our customers and communities succeed.
“That’s why we’re committing £3bn of new funding by the end of 2022 to ensure that more people and families can have a sanctuary they call home.”
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