Devon & Cornwall Housing Association has signed a 拢40m loan with Royal Bank of Scotland. The loan, which is all new money, will be used to finance Devon & Cornwall鈥檚 two-year development programme.
The Exeter-based association intends to build about 700 homes in the region by 2006 at a cost of 拢20m a year.
The new development will be carried out by its development company, Westco Properties.
Devon and Cornwall finance director Tony MacGregor said: 鈥淭he funding is there to support the programme.鈥�
MacGregor added that the new homes would be built in rural and urban areas in the South-west.
Devon & Cornwall currently manages and maintains about 8000 homes in the two counties as well as the Isles of Scilly.
The association last year formed a limited liability partnership with South Somerset Homes, Ocean Housing and North Devon Homes.
The partnership, Advantage South West, aims to reduce costs and speed up development through methods such as the off-site manufacturing of timber-framed homes in its new factory, which opened last week.
Source
Housing Today