Plymouth Community Homes (PCH) is driving forward plans to build approximately 1,000 new affordable homes by 2026 after securing funding from NatWest.

PCH will use the £65 million funding package to grow its existing portfolio of more than 16,000 homes. The majority of the new homes will be let at affordable rent, with shared ownership homes also being developed, in Plymouth and the surrounding areas.

The finance package, a Sterling Overnight Index Average (SONIA) funded risk-free loan, will also support PCH's investment into maintaining the high standard of its existing homes.

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Nick Jackson, Director of Business Services and Development at PCH, said: "Thanks to the funding from NatWest, we can both expand our portfolio of affordable homes, as well as ensuring we maintain and invest in our existing properties and continue the great services we offer.

"As we expand, we will continue to focus on improving lives by providing affordable homes and great services. We’ll also maintain our programme of improving our blocks of flats as well as community initiatives, courses and training sessions which we believe are essential in supporting our residents and creating thriving communities. The interest cover covenants will allow us to undertake the modernisation of our blocks of flats with more flexibility."

The funding forms part of NatWest's commitment last year to support the housing association sector with £3 billion of finance until the end of 2022. This will support the increase in provision of social housing, as well as the improvement of existing properties.