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Loan Scheme Could See More Affordable Homes Built In South Lakes

SLDC could soon lend money to housing associations to help them build affordable homes.

South Lakeland District Council's cabinet will meet next week to consider setting up an initial £6million pot.

Housing associations could then borrow some of that at a low interest rate.

The council's targeted the creation of a thousand new affordable rented homes by 2025.

Councillor Jonathan Brook, Portfolio Holder for Housing and Innovation, said: “The loan facility would allow housing associations to access low interest rate finance from the council, removing an obstacle which may be preventing them from developing more affordable housing in the area.
 
“The council would receive a financial return from the repayment of the loans and also be fulfilling our pledge to work with partners to deliver the new affordable homes which our communities need.”
 
Cllr Brook added: “There is no doubt that there is a continuing high need for affordable housing in this district. Around 60% of affordable housing is delivered by housing associations, most of which require some financial help or support.
 
“A new loan facility, which would allow housing associations to draw down on a scheme by scheme basis, should accelerate the delivery of more homes which our communities need.”

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