Under the expanded affordable housing finance programme, in partnership with The Housing Finance Corporation (THFC), the European Investment Bank (EIB) has pledged a £1 billion investment for UK social housing.
Following an earlier loan of £500 million under the programme, this marks the largest ever loan the EIB has given for social housing anywhere in Europe.
This new loan will be matched by THFC over its 30-year term, benefitting from a government guarantee and support £2bn of overall investment in new social housing and urban regeneration schemes by housing associations across the country.
More than 20,000 affordable homes are expected to be built under the scheme.
European Investment Bank Vice President Jonathan Taylor commented: "This record new backing builds on a successful partnership with THFC and the EIB’s strong track record of providing nearly £2bn for investment in social housing by more than seventy housing associations across the country. Local investment under this initiative will improve lives, create jobs and cut heating bills in homes across the UK,”
More than 70 housing associations have applied for financing under the expanded programme.