Housing group secures £50m funding to spend on affordable housing

Social housing provider Mosscare St Vincent’s Housing Group (MSV) has secured a £50m sustainability-linked Revolving Credit Facility (RCF) with Lloyds.

The tailored facility supports MSV in its plans to expand its portfolio of affordable homes, while retrofitting its existing properties to enhance their energy efficiency.

It aims to make all of its existing homes become EPC C rating or above by 2030.

In its inaugural funding agreement with Lloyds, MSV’s sustainability-linked RCF includes key performance indicators (KPIs) that should enable the housing provider to receive a discount on its funding.

The KPIs include delivery of new affordable homes that meet a minimum EPC B rating, and improvement in energy efficiency of existing homes currently under its portfolio.

Established in 2008, MSV owns and manages around 9,000 social and affordable homes across West Yorkshire, Lancashire, Greater Manchester and Cheshire.

Steve Aggett, executive director of finance & business excellence at Mosscare St Vincent’s Housing Group, said: “This funding from Lloyds will enable us to continue in our mission of providing high-quality, affordable, much-needed homes while meeting our sustainability goals. We are happy to have Lloyds as our relationship bank.”

Melanie Russell, director of housing at Lloyds, added: “It’s been a pleasure to welcome Mosscare St Vincent’s Housing as a new client, and to support the team in its aims to expand and enhance its portfolio.”