Peterborough social housing giant gets multi-million pound funding to build hundreds of homes
A leading housing association in Peterborough has secured £50 million to build hundreds of homes.
Cross Keys Homes which is based in Shrewsbury Avenue, Woodston, plans to construct about 2,900 homes for affordable rent and shared ownership over the next four years.
The cash has been provided by the NatWest in one of the first so-called SONIA (Sterling Overnight Index Average) risk-free loans to be secured in the housing association sector.
The planned homes will add to the association’s portfolio of more than 12,000 affordable rent and shared ownership homes located across 12 local authorities in the East of England.
Claire Higgins, chief executive at Cross Keys Homes, which employs 400 staff, said: “With support from our long-standing partnership with NatWest, we can deliver our commitment to build good quality, affordable homes that people in the East of England want to live in.
“These will be available for everyone from families looking for affordable homes to rent to those trying to get on the housing ladder through shared ownership.
She added: “Alongside this, we remain committed to providing housing and landlord services to our customers in our existing homes and we have maintained these services throughout the pandemic as well as conducting welfare calls with all our residents.
“Going forward, we will continue to expand our services and the number of homes available for our residents.”
Dean Holleyman, director for housing finance in England and Wales for NatWest, which is providing £3 billion for the housing association sector over the next three years, said: “We have worked with Cross Keys Homes since 2004 and we are proud to facilitate one of the first SONIA funded loans in the sector.
“Cross Keys Homes plays a crucial role in delivering much needed housing and supporting communities in the East of England, and we will continue to work with the organisation as it looks to meet its housing delivery targets.”