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Irwell Valley Homes agrees £60m funding package to deliver new homes

Irwell Valley Homes has agreed a £60m funding package with Scottish Widows, to deliver more affordable housing over the next five years and invest in its existing homes.

With the escalating cost of living crisis, building more affordable housing has never been more urgent. The new funding facility will support the delivery of over 1,000 new homes across Greater Manchester, for social and affordable rent, plus supported housing, which will add to the association’s existing portfolio.

The funding will also support investment to modernise homes for existing customers, helping Irwell Valley Homes on its journey towards carbon zero. This investment will not only help the association to lower its carbon footprint, but also help to minimise running costs for residents in the face of spiralising energy prices.

Helen Nicholson, Executive Director of Finance and Governance at Irwell Valley Homes, said: “With the rising cost-of-living, building more affordable housing and making existing homes more cost effective for our customers are key priorities for us. We are delighted to have secured this funding to help meet the growing needs of the communities we serve across Greater Manchester.”

Gavin Reid, Associate Director at Scottish Widows, Loan Investments, said: “We are pleased to be able to provide a funding package to support Irwell Valley Homes to deliver much-needed affordable homes in the communities they serve, and help deliver their Environmental Strategy.

“The outcome of this investment aligns with our sustainable investment objectives; of which housing is a key part. Our facility also provides long term cost certainty for Irwell Valley Homes with funding deferred, an important consideration for our clients given current market volatility”.

The deal was brokered by Centrus who act as treasury advisers for the association, with Trowers providing legal services.