Social housing provider Stonewater has secured funding to help finance its plans to develop more than 2,700 'affordable' homes over the next four years.

Up to £50m of 30-year funding has been agreed with Affordable Housing Finance plc (AHF), which will significantly boost the housing organisation's financial capacity to build more low-cost homes.

The funding was signed in two amounts of £25m on 17 October and £25m on 16 November.

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John Bruton, Stonewater's Executive Director of Finance, said: "We are delighted to complete this loan. It will contribute to Stonewater building over 600 urgently-needed homes for affordable rent and low-cost shared ownership where they are needed most across the South West, Midlands and East of England.

"While we also use other sources of finance, the very low interest rate we have secured from AHF means we can do more to meet the huge housing need that exists than if we only had access to commercial loans."

Piers Williamson, Chief Executive of AHF, added: "We were delighted to be able to source what is now a very scarce resource of EIB funding for Stonewater. The low cost underpins Stonewater's efficient creation of a large number of badly needed affordable homes in the South and Midlands."

(LM/MH)