Futures Housing Group, a leading affordable housing provider across the East Midlands, has successfully secured £32m of long-term funding through the UK Government’s Affordable Homes Guarantee Scheme (AHGS).
This funding will support a development of 114 affordable homes in the region and investment into existing homes to improve safety and energy efficiency.
The loan is backed by the Government guarantee which enables the housing association to access competitively priced, long-term debt to support its home development and improvement programmes. A rate of less than 5.20% was achieved, which is below its long-term borrowing assumptions within its 30-year business plan.
Responding to the successful funding bid, Chief Executive Tim Mulvenna said: "This funding strengthens our financial position and allows us to continue building and investing in homes and communities where the need is greatest. The Affordable Homes Guarantee Scheme gives us certainty and flexibility to deliver new homes, improve existing stock, and support our long-term sustainability goals."
Raj Sharma, Director of Finance, added: "Accessing this funding means we can lock in long-term, low-cost finance to support our growth and efficiency, improve our liquidity and Regulator metrics. It's a significant step forward in delivering our strategic objectives while maintaining strong financial control."
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