Santander UK providing £50m in funding as Watford Community Housing targets 1,000 new affordable homes by 2028
Santander UK has provided Watford Community Housing with a £50m funding package to support its delivery of more than a thousand new homes in Hertfordshire by 2028.
The five-year revolving credit facility will assist the housing association in significantly growing its existing portfolio of affordable homes for rental to lower-income households and for shared ownership across Hertfordshire.
All the new properties it is developing by 2028 will be in Hertfordshire. About 80% of the new homes will comprise affordable rental accommodation, including social rent, and the remaining 20% will be dedicated to shared ownership.
Watford Community Housing is a not-for-profit gateway housing association formed in 2007 to accept the stock transfer of Watford Borough Council’s social housing properties. It currently owns and manages 6,800 properties and associated assets in the area. The housing association will invest some of the funding in upgrades and maintenance to its existing properties.