New Fylde Housing acquires funding

Thursday 27th December 2007

New Fylde Housing acquires funding for future developments.

New Fylde Housing Limited ("New Fylde") has restructured existing facilities with Bank of Scotland's Housing Finance team, securing an additional £20million over a 30 year period for the funding of new developments. This brings the housing association's total lending with Bank of Scotland to £50million.

New Fylde was established in October 2000 for the transfer of 1,850 Fylde Borough Council housing units in Lytham St Annes and the surrounding area of the Fylde coast in North West Lancashire. Around a third of New Fylde's stock is made up of sheltered and supported units, with the remainder being general needs accommodation. A small but significant number of tenancies have also been developed for a range of partners providing homes for people with learning and physical disabilities.

Today the association is focusing on growth through new development and has an ambitious programme to acquire new homes over the next 5 years. Building works are already well advanced on the creation of new rental and shared ownership homes as part of the first phase of this strategy.

Since its creation the association has established a number of supported living schemes in Fylde and surrounding areas offering homes to people with physical and emotional requirements. They also provide financial support to community based schemes.

Eric Tamanis, Resources Director at New Fylde Housing Ltd. commented, "We are delighted that this arrangement has enabled us to refinance our existing borrowings and generate a new facility to provide homes for those in housing need within the Borough of Fylde and beyond. It puts us in a position to build upon the existing provision of services that have continually been developed and improved since transfer and I am proud to say that the real beneficiaries of this deal will be the current and future tenants of New Fylde Housing Limited."

Geraint Evans, Associate Director of Housing Finance added, "We have supported New Fylde since transfer and are delighted to strengthen our relationship with the association through the provision of this new facility. This will allow New Fylde to provide much needed new affordable housing in the borough and continue its investment in the transfer stock."

Posted by 0 for New Fylde Housing Ltd.