Local landlord Coastline Housing has secured funding of £131 million to deliver one of the largest affordable housing programmes in Cornwall.
Over the next four years, the social landlord will be delivering up to 660 new homes for people in housing need across the county.
Part of the funding comes from a £208 million Government-backed bond to fund new developments, which Coastline bid for a portion of as part of a 13-strong consortium of housing associations. The rest comes from Coastline’s own negotiations with its lenders to secure agreements to invest in new homes.
Allister Young, finance director at Coastline Housing, said: “Over the last year we have completely overhauled how Coastline is funded.
“We re-negotiated our existing loans, putting in place a total of £99 million of funding, and have added another £32 million through the new Government backed initiative. This includes £8.3 million from a new bond with an interest rate of 3.76% – the lowest interest rate ever in our sector.
“As well as giving us the ability to deliver up to 660 new homes, this will save us almost £500k per year in interest costs, increasing the funds we have available to invest in both new and existing homes.”