The new £30m funding is part of the Affordable Homes Guarantee Scheme from Homes England and will support our ambitions to build more affordable homes across Kent in the coming years.
We have the ambition to continue to develop new homes alongside investing its current portfolio to ensure homes better meet residents' current and future needs. In the current unpredictable high-interest rate market, where the need for affordable housing is so high, the Affordable Homes Guarantee Scheme provides access to cost effective loan finance. This has the benefit of a guarantee from the Ministry of Housing, Communities and Local Government.
This new funding will support the delivery of over 120 new homes across Kent.
Maria Organ, Executive Director of Finance at West Kent said: “This new loan finance from the Affordable Homes Guarantee Scheme will support the development of over 120 new homes across Kent, including 106 homes in Tonbridge and Malling and the regeneration of 22 homes in Swanley. We want to provide more new homes across Kent and have greater flexibility to invest in our current homes and communities. The new agreement plays a key part of that strategic ambition to develop new homes and invest in or regenerate existing properties for the sustainable needs of our current and future residents.”
This deal was supported by Savills Financial Consultants, Anthony Collins Solicitors and Capsticks.
Oriane Auzanneau, Deputy Portfolio Manager for AHGS and Managing Director at Venn, commented: “We are delighted to be able to support West Kent with the delivery of their affordable development pipeline, bringing over 120 much needed new affordable homes to its local communities. Recognising that Shared Ownership is an important affordable housing tenure in West Kent’s asset base, we were also pleased to be able to accommodate an increase in the allowance for this tenure in the collateral pool of up to 35%, to deliver a tailored solution for the organisation.”
Mike Roche, Director at Savills Financial Consultants who supported West Kent with the transaction said: “We are so pleased to have advised on the delivery of this funding in challenging market conditions. West Kent have adopted an agile and flexible approach to their funding strategy, and this is another important milestone for them in achieving a well-balanced and low risk treasury portfolio. This will enable West Kent to continue its strategy of providing new homes and investing in its existing homes.”
Michael Nutman, Senior Associate at Anthony Collins, said: “We are delighted to have supported West Kent as it takes yet another step towards delivering on its ambitious growth plans. As a national social purpose law firm, supporting West Kent’s work to help address the housing crisis and to improve the quality of the lives of their customers, aligns with our values and purpose as an organisation. These are very challenging times for housing associations, which makes it all the more exciting to see West Kent’s investment and development plans come to fruition.”
Sarah Darvell, Partner at Capsticks said: “The funding secured by West Kent is great news for people living in the county. Capsticks aims to be the firm of choice for organisations like West Kent who work to make a difference. We are so proud to be supporting West Kent in its ambition to regenerate existing communities and develop much-needed new homes in the area.”