TOWN Hall chiefs at Warrington are being urged to loan a total of £80 million to two housing associations to boost housing regeneration in and around the borough,
Members of the borough council’s executive board are being recommended to offer Preston-based Places for People (PfP) £50 million over a five year period and to loan £30 million over 25 years to the Manchester-based Irwell Valley Housing Association
The council has been loaning money to housing associations since 2009 and has already loaned PfP £50 million so the new loan would extend their current facility to £100,000.
PfP, based in Preston, has 160 properties in Warrington and a further 422 in Cheshire.
Irwell Valley, a not-for-profit charitable association, has more than 7,500 properties, although none in Warrington.
A report to be presented to the executive board by leader of the council Russ Bowden on Monday next week, states that the main purpose of loaning the money to PfP would be to promote economic regeneration and the generation of housing building in Warrington, Cheshire and the surrounding region.
The loan to Irwell Valley would provide a prudent social investment to the council and provide and the potential or partnership working that would increase house building nationally in line with the Government’s recent White Paper on housing.
More financial details and risk assessments will be presented to the board in a private section of the meeting.
