Updated 07.03.14
Low Interest Loan Helps Home Group Build Green Homes and Improve Properties
Home Group has received £44 million from The Housing Finance Corporation and the European Investment Bank, which it will use to build energy efficient homes and help improve thousands of existing properties.
The housing provider has drawn down a loan which will provide preferential interest rates compared to the wider finance market. The loan has a fixed rate of interest for the life of the 30 year repayment period.
Home Group has secured the money at a rate of 3.789%. Almost 350 new homes will be built at level four of the code for sustainable homes. The properties will employ high levels of wall and loft insulation, airtight building techniques, energy efficient boilers and renewable energy including solar panels. The homes will use at least 25% less Co2 than a standard home.
Customers living in existing homes will benefit from improvements, including wall rendering to provide improved insulation, cavity wall and loft insulation, energy efficient condensing boilers, showers and security lighting.
Home Group will use the money to build the new homes and complete improvement works by the end of 2016.
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Tenants Consulted About New Housing Partnership
Plans for two North East housing associations to join forces and work in partnership have moved a step closer, with tenants from both organisations now being invited to have their say on the proposals.
Last July, Isos Housing Group and Cestria Community Housing announced they were in talks about forming a partnership and have since been exploring the potential benefits of working together.
Now the Boards of both organisations have reached an agreement on how Cestria might become an independent member of the Isos Group and are asking tenants to get in touch with their views.
Under the proposals, Cestria would become part of the Isos Group but would continue to operate as an independent landlord, retaining its own branding, offices and staff.
Following the tenant consultation, plans will be submitted to the Homes and Communities Agency and if approved, the partnership could become official by October this year.
The aim of the partnership is to allow Chester-le-Street-based Cestria, which owns 4,300 properties, and Isos, which has offices in Newcastle, Morpeth, Hexham, Prudhoe and Newburn and currently manages around 12,400 homes, to share experience and expertise.
The two organisations already have much in common, with both making it onto the prestigious Sunday Times 100 Best Not-For-Profit Organisations to Work For list - Isos at number 61 and Cestria at number 72.
Isos was also named winner of The Sunday Times 100 Best Companies Innovation in Engagement Practice award, with Cestria named runner-up.
The partnership would also lead to increased borrowing power, allowing both Isos and Cestria to build much-needed new homes across the North East.
