Housing association raises £7m of funding
FIRST Choice Housing Association (FCHA) has raised £7m of funding from Triodos Bank to help fund its continued growth and development over the next five years.
The funds will be used to develop a number of supported housing schemes across Wales, including the development of 130 new supported housing bed-spaces from next month through to April 2020.
First Choice, established in 1988, provides accommodation specifically for vulnerable people who require support to enable them to live independently within the local community.
Working across Wales and Shropshire in partnership with 19 local authorities, it currently owns 237 properties which provide homes to 700 individuals.
Over the next five years, the association plans to develop over 80 additional properties across Wales, providing homes to a further 350 tenants.
Triodos lends solely to organisations delivering social, environmental or cultural impact, and social housing is one of its key lending sectors in the UK.
In the last 10 years the bank has arranged lending facilities of more than £300m to over 40 housing associations across the UK, including a number of associations in Wales.
The bank first provided a £5m facility to the housing association in 2013, and this additional new funding takes its lending support to the association to £12m in aggregate.
Adrian Burke, chief executive of FCHA said: “We are delighted to have secured the funding for our development plan through to 2020 with Triodos Bank.
“FCHA are passionate about building homes which maximise independence for tenants and help them achieve real outcomes. FCHA believe that quality housing should be a fundamental right and we are looking forward to using the facility to further our social mission.”
Peter Borgers, senior relationship manager in the bank’s social and cultural team said: “We are really pleased to be able to provide this further support for First Choice to help the organisation deliver its growth plans; we are particularly keen to back associations that deliver strong social impact, and First Choice’s mission of providing specialist accommodation for vulnerable people fits very well with that.”