HOUSING group Torus has secured £130m to help fund the development of about 800 new affordable homes across Warrington, St Helens and Liverpool over the next four years.
Torus is one of three housing associations to receive funding from the Affordable Homes Guarantee Scheme (AHGS), which ARA Venn manages for the UK Government, to support the development of more than 1,500 new affordable homes in total.
ARA Venn is funding three 30-year loans totalling £250m under the scheme to Torus, Coastline Housing and Stonewater to help in the development of the homes amidst a challenging economic backdrop.
Oriane Auzanneau, deputy portfolio manager for AHGS and managing director at ARA Venn, said: “We are delighted to be able to support our borrowers with these 30-year loans, which will support the development of over 1,500 much-needed new affordable homes in the communities they serve across England. The attractive funding allows our borrowers to effectively support their investment and delivery ambitions within the constraints of their long-term business plans, showing the benefit of utilising the AHGS programme.”
Peter Fieldsend, chief financial officer, Torus, said: “We are very pleased to be involved in the AHGS and to achieve a good outcome that fits within our business plan parameters. This now gives us the funding for the development of much-needed new affordable homes across our communities. ARA Venn have done an excellent job throughout the process delivering what we set out to achieve.”
