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Welsh housing association borrows £7m from Triodos
Housing association First Choice is to create 130 beds in supported accommodation across Wales after borrowing £7m.
The Penarth-based body raised the loan finance from ethical bank Triodos to help with its development plans for the next five years.
First Choice owns 237 purpose-built properties across Wales and Shropshire, housing vulnerable people.
It aims to build 80 more west of the border by 2023, allowing it to accommodate a further 350 tenants.
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The loan follows a £5m facility provided by Triodos to First Choice in 2013.
Peter Borgers, senior relationship manager at Triodos, said: “We are really pleased to be able to provide this further support for First Choice to help the organisation deliver its growth plans.
“We are particularly keen to back associations that deliver strong social impact, and First Choice’s mission of providing specialist accommodation for vulnerable people fits very well with that.”
Adrian Burke, chief executive at First Choice, said: “We are delighted to have secured the funding for our development plan through to 2020 with Triodos.
“We are passionate about building homes which maximise independence for tenants and help them achieve real outcomes. We believe that quality housing should be a fundamental right and we are looking forward to using the facility to further our social mission.”
