£6 million loan proposal for affordable homes

South Lakeland District Council is planning to lend £6 million to housing associations in the region to address the shortage of rental homes.

The creation of a loan fund, which is soon to be considered by the council’c cabinet, is the result of a study into the need for more creative approaches to delivering affordable housing. If agreed, an initial £6 million would be allocated to the loan fund from existing and projected housing resources.

Jonathan Brook, portfolio holder for Housing and Innovation, said: “The loan facility would allow housing associations to access low interest rate finance from the council, removing an obstacle which may be preventing them from developing more affordable housing in the area. The council would receive a financial return from the repayment of the loans and also be fulfilling our pledge to work with partners to deliver the new affordable homes which our communities need.”

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