Sanctuary and HCA in £500 million investment
The UK construction industry and many local economies are set for a major boost following the announcement of a four year agreement between the Homes and Communities Agency (HCA) and Sanctuary Group.
Thanks to significant support of almost £90 million from the HCA, Sanctuary will expand its national housing development programme by £500 million, which will see the construction of more than 3,600 affordable homes across England over the next four years.
The £90 million investment forms part of the HCA’s £2.2 billion Affordable Homes Programme, which is set to deliver 80,000 new affordable homes across England by 2015.
This allocation of funds from the HCA, coupled with Sanctuary’s considerable investment, will generate numerous jobs and training opportunities at construction sites around the country, providing a much needed stimulus to many local economies.
Sanctuary and its development consortium partners will use the HCA funding to deliver the full spectrum of rented and shared ownership homes to meet locally identified needs and priorities. This includes supported schemes, extra care apartments, rural housing and large family homes.
David Bennett, Sanctuary’s Group Chief Executive, said: "We are delighted to receive this substantial support from the Homes and Communities Agency for our ambitious programme.
"Our partnership with the HCA will not only see the development of new homes for people in need, it will bring about an important uplift to the construction industry, creating valuable jobs and training opportunities to help people back into the workplace."
"Working with the HCA and our many local authority partners we are now focused on delivering these new homes."
Richard Hill, Deputy Chief Executive at the HCA, added: "Our housing association partners like Sanctuary are really stepping up to the challenge of delivering our Affordable Homes Programme, and this is yet another significant commitment that will see over 3,500 much-needed new affordable homes built across England over the next four years."