Freebridge Community Housing, the largest housing provider in West Norfolk, will increase the supply of affordable homes to the region after securing £40m funding from Lloyds Bank.
The revolving credit facility will support the housing association to build 625 new affordable homes* by 2026/27 and reduce fuel poverty in the communities it operates in by improving the EPC rating of its existing stock.
Freebridge Community Housing recently committed to developing 66 new homes and four community spaces as part of the wider King’s Lynn Town centre regeneration masterplan, and has already invested £20m in the town’s transformation. The organisation owns and manages 7,000 properties across the King’s Lynn and West Norfolk area and employs 220 people.
Christopher Yau, director of origination and sustainability for housing at Lloyds Bank, said:
“We stand ready to support housing associations as they make their stock of new and existing properties affordable, and sustainability led. We’re proud to support Freebridge Community Housing with this finance package to help it achieve its development ambitions and look forward to seeing the progress it makes in the coming years.”
Anna Simpson, director of resources and deputy chief executive at Freebridge Community Housing, said:
“Tackling both affordability and sustainability are two key steps in bringing forward social housing stock that is fit for future purpose. We’re committed to delivering homes that not only address the challenges households are currently facing but also help transform local communities. Our new relationship with Lloyds Bank and the funding its provided will create more flexibility for us to invest in our existing inventory and continue to boost the supply of affordable homes in West Norfolk.”
*500 rented and 125 shared ownership