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Housing association set to borrow £90 million to build affordable housing

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It has been reported that Helena Partnerships Limited (Helena) will borrow £90 million from Warrington Council to build more than 1,400 affordable homes.

Helena is a large social landlord in the North West providing social housing to individuals and families in areas including St Helens, Haydock, Warrington and across the region. It is understood that Helena will build social and affordable homes in the North West over the next five years. This ought to help many families in the region as waiting lists for housing soar.

It is understood that the Council has been providing loans to housing providers since 2010 when finance was withdrawn by the banks.

Warrington Council leader, Terry O’Neill, described the loan as “win win”. He said: “This loan will help drive regeneration. It will stimulate house building and create jobs. It will bring much needed affordable properties within reach of hundreds of families. It will help close the gap by bringing regeneration to some of our most deprived areas and as a related benefit it will bring much needed income, which will help protect essential Council services”

Rob Young, chief executive of Helena, said: “This funding will help us to realise our ambitions to create over 1400 social and affordable homes in St Helens, Warrington and across the region in the over the next five years.”

This is good news for the area and the council ought to be applauded for such schemes.

By Victoria Finley, housing law solicitor