Hundreds of new affordable homes are planned for Oldham after First Choice Homes Oldham (FCHO) agreed a £110 million funding deal with Santander UK.
The housing association will use the money to deliver at least 600 new affordable properties and carry out energy efficiency improvements across its 11,500 existing homes. The investment aims to help tackle the local housing crisis and ensure more families can access high quality, energy-efficient homes for social rent.
As part of the plans, FCHO will ensure all of its current homes meet at least an Energy Performance Certificate (EPC) C rating by 2030. The move is expected to reduce energy bills for residents and help the borough meet climate targets.
The new funding will support the delivery of FCHO’s 2025–2028 Homes Strategy, which prioritises the construction of new affordable homes, particularly for social rent, and the retrofit of older properties.
Andy Ewart, executive director of corporate services at FCHO, said the agreement shows strong backing for the housing association’s long-term plans.
“We are delighted by this agreement with our long-term partner Santander UK,” Mr Ewart said.
“It reflects great confidence in FCHO’s robust plans for accelerating the supply of much-needed new homes, improving existing ones and continuing to make a difference in our communities.”
He added that the upgrades will also play a part in reducing carbon emissions and supporting residents during the cost of living crisis by cutting heating costs.
FCHO’s largest project to date is also part of the plan, with 147 affordable homes proposed for Southlink, a key brownfield site in Oldham town centre. The development is being delivered in partnership with Vistry Group and is still subject to planning approval.
Robert Simmons, relationship director at Santander Corporate and Commercial Banking, said: “The increased loan will support FCHO to deliver urgently needed new homes in Oldham and the surrounding area and contribute to its retrofitting objectives.”
He described the refinancing deal as a natural progression in the long-standing relationship between the two organisations.
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