£95m funding fillip for housing association

First Choice Homes Oldham Modular build, Waterhead.

Greater Manchester-based housing association First Choice Homes Oldham (FCHO) has secured a £95m funding package to provide more energy efficient homes over the next three years.

The funding from Santander UK will enable FCHO, which has more than 11,300 homes in Oldham, Rochdale and Tameside and plans to expand into nearby Calderdale and Kirklees, to deliver to deliver 700 new homes by 2026 and as well as improving the energy efficiency of its existing homes.

A mix of houses and apartments for affordable rent and shared ownership are planned.

All will be built to achieve energy performance certificate (EPC) level B or above and use low-carbon heating alternatives to fossil fuels – helping to meet future net zero carbon targets and providing high quality homes that are cost effective to run.

The funding will also contribute to the social housing provider’s decarbonisation work to make existing homes more energy efficient, and support customers to cut their energy bills and carbon emissions.

Double glazed windows, heat pumps, smart meters, and loft, wall cavity and external wall insulation are among the retrofit measures that will boost the performance of some of the housing association’s least energy efficient homes.

Andy Ewart, Director of Finance at First Choice Homes Oldham said: “Securing this funding allows us to build 700 much-needed homes across the area with a total investment of £110m.The funding package also supports the first phase of our sustainability strategy, improving the energy efficiency of our existing homes.” 

Robert Simmons, Relationship Director at Santander UK, said: “Having supported First Choice Homes Oldham since it was first established in 2011, we are proud to provide it with this latest £95m funding package.

“This will not only enable it to provide hundreds of affordable new homes – both rental accommodation and shared ownership – to the Oldham community but also supports its work to enhance the energy efficiency of its existing properties.”

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