Cash injection will mean a boost in affordable homes for the region
"For every £1 spent on housing, £2.41 is generated in the wider economy, and every new home creates 2.3 jobs.”
National Housing Federation
Leicestershire-based housing provider emh group will be building over 600 additional new affordable homes for rent and sale across the East Midlands as part of a three-year agreement with the Homes and Communities Agency (HCA).
The group secured the grant funding from the HCA through a national competitive bid round. The grant, along with £200 million raised through a public bond issue earlier in the year, will allow it to meet its commitment to build a total of 300 affordable homes a year for the next three years.
Jim Patman, emh group Development Director, said: “We have a range of schemes in the pipeline – from urban brownfield sites and schemes which will enable people to continue living in rural communities, to specialist accommodation for older people and people with disabilities. Every scheme will provide a significant contribution to meeting the growing need for affordable homes.
“We are delighted to have been granted 100 per cent of the funding we bid for. It is a strong validation of our track record, and also testament to our effective partnerships with local authorities, other housing providers, and local communities.”
The funds are part of the HCA’s 2015-18 Affordable Homes Programme that is set to make a significant contribution to the Government’s ambition to deliver 165,000 new affordable homes by March 2018, as well as supporting jobs in construction and local economies. This year, the Midlands received the largest proportion of the grant allocation (25 per cent) outside London.
emh group also leads the Quantum Consortium, a collection of five housing providers that work together to build affordable homes for the East Midlands. Together they received a total of £21.3 million grant allocation which translates as around 980 additional new homes in total.
Chief Executive of emh group, Chan Kataria, said: “This is great news for the region - not only in terms of addressing the huge deficit of affordable homes, but also in boosting the economy. According to research by the National Housing Federation, for every £1 spent on housing, £2.41 is generated in the wider economy, and every new home creates 2.3 jobs.”