- Incommunities has secured £50million of additional funding from NatWest bringing its total funding package to £110million
- The Shipley-based housing association manages more than 22,000 properties across West Yorkshire
- Funding will support plans to build 1,500 new homes over the next five years
West Yorkshire housing association Incommunities has agreed to a £110million funding deal with NatWest to support future investment and expansion plans.
The housing provider, based in Shipley, is embarking on plans to build up to 1,500 affordable homes over the next five years. Funding will also be used to support investment into Incommunities’ current housing portfolio which is made up for more than 22,000 properties.
The package from NatWest, which includes an additional £50million Revolving Credit Facility, will support Incommunities’ commitment to providing great homes in great neighbourhoods.
Earlier this year, NatWest announced plans to provide a further £5bn in funding to support the social housing association sector by the end of 2026. It is hoped the funding will facilitate the delivery of a pipeline of housing across the UK including social housing projects which are vital to local communities. NatWest is one of the largest lenders to the social housing sector in the UK.
Andrew Dexter, Relationship Manager, Corporate Real Estate Finance at NatWest, said: “We are delighted to increase and extend our lending relationship to Incommunities. The management team at Incommunities are committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”
Chatham Financials, Devonshires and Pinsent Masons supported the latest funding deal.
Incommunities is committed to providing affordable housing and related services including community development and regeneration initiatives. The business was established in 2003 through the transfer of housing stock from the former Bradford Metropolitan District Council. The majority of Incommunities properties are in and around Bradford.
John Wright Executive Director of Finance said: “We are pleased to have continued our long-standing relationship with NatWest as a key funding partner. Securing this additional £50m funding is a major landmark for Incommunties and will help us to achieve our ambitions to provide safe, good quality and affordable homes that meet the needs of people across the region, creating places where people want to live.”
Earlier this month, the housing provider launched its 2024 ‘Funding In-communities’ programme, which awards community groups a much-needed injection of funds to support their good work. Any voluntary community group which directly supports Incommunities’ customers can apply for a share of the £60,000 funding.
Applications for the grant funding can be made at www.incommunities.co.uk/community-fund-application.
Support to complete the application form, and help with any queries, is available via email at getinvolved@incommunities.co.uk
