Yorkshire housing association agrees £80m funding package with bank for decarbonisation
A North Yorkshire-based housing association has secured £80m in funding from a bank to help pay for its development programme and improve the energy efficiency of its homes.
Broadacres Housing Association, which owns around 6,500 homes, has agreed the deal with NatWest.
It aims to build 800 new homes over the next five years and become a net zero-carbon business by 2050, in line with the government’s target.
The association currently has a programme to replace old storage heaters with new heating systems such as air-source heat pumps, as well as switching to an electric or hybrid fleet of vehicles.
Details of the funding deal, including the interest rate, have not been disclosed. Inside Housing has requested further information.
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David Smith, executive director of resources at Broadacres, said: “Primarily, Broadacres’ aim is to help local communities and the people within it to have a better quality of life, through the provision of better homes at affordable rates.
“The support that NatWest has provided Broadacres over a number of years has allowed us to serve the local community and create genuine value within the North Yorkshire region.
“Becoming net zero will help Broadacres grow, seize new opportunities, create new jobs, encourage investment and adapt to the challenges of climate change.”
David Horne, director of housing finance at Natwest, said: “Since NatWest confirmed its £3bn commitment to the UK social housing sector for the next three years, we have seen Broadacres committing to reinvest within the sector as well as tackling the climate.
“NatWest has had a long-term partnership with Broadacres and this tailored funding package will help Broadacres move forward in its next phase of its strategy.
“We look forward to continuing to support the business with its meaningful contribution to local communities, while helping facilitate its journey towards net zero.”
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