Council agrees £90m housing loan

Clr Terry O'Neill

Clr Terry O'Neill

First published in News

WARRINGTON Borough Council has agreed a deal to lend £90million to a housing association which will see 1,400 social and affordable homes built across the north west.

St Helens based Helena Partnerships will receive the money with developments likely in Warrington, St Helens and the wider region.

Leader of Warrington Borough Council, Clr Terry O’Neill, called the deal a ‘win-win’ opportunity.

He added: “This loan will help drive regeneration. It will stimulate house building and create jobs.

“It will bring much-needed affordable properties within reach of hundreds of families.

“It will help close the gap by bringing regeneration to some of our most deprived areas. And as a related benefit it will bring in much-needed income, which will help us to protect essential council services.

“Warrington Borough Council has been one of the first local authorities to do this, but other councils are gradually starting to do the same. This is good news because there’s currently a shortage of long-term finance due to the banking crisis, and as a result the UK is building about 100,000 new homes a year fewer than we actually need.

“It’s also good news for the local and regional economy in general, because every £1 spent on house building leads to £4 being spent in the wider economy.”

Warrington Borough Council has been providing loans to housing providers since 2010, following the withdrawal of long-term finance by banks in the wake of the 2008 banking crisis.

Comments (4)

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2:32pm Mon 27 Jan 14

Nick Tessla says...

Our cash-strapped council has found money to finance house-building outside the borough area?!!
Our cash-strapped council has found money to finance house-building outside the borough area?!! Nick Tessla
  • Score: 7

3:54pm Mon 27 Jan 14

ninearches says...

It is to be hoped the initiative helps to provide housing at more affordable rents than many private landlords are wanting .
It is to be hoped the initiative helps to provide housing at more affordable rents than many private landlords are wanting . ninearches
  • Score: 2

11:28pm Mon 27 Jan 14

sharboo543 says...

Am I dreaming this or have I just heard that Warrington Borough Council is loaning Helena Housing (based outside the borough) £90 Million to build 1400 homes (not all within the borough)?

Where on earth have they found that amount of money?

Oh, and WBC won't subsidise a bus service on a Sunday Night and they have closed Libraries and don't get me started on the roads!!!

Surely you're in breach of some financial misdoings? Can anyone supply me with the relevant legislation that allows this preposterous notion?
Am I dreaming this or have I just heard that Warrington Borough Council is loaning Helena Housing (based outside the borough) £90 Million to build 1400 homes (not all within the borough)? Where on earth have they found that amount of money? Oh, and WBC won't subsidise a bus service on a Sunday Night and they have closed Libraries and don't get me started on the roads!!! Surely you're in breach of some financial misdoings? Can anyone supply me with the relevant legislation that allows this preposterous notion? sharboo543
  • Score: 5

5:50pm Tue 28 Jan 14

Nick Tessla says...

If the Labour junta is going to invest our money in housing it should be;

1) restricted to the area of the borough and

2) with a significant proportion of one and two bedroom properties to offer to those being ******* over by the bedroom tax.
If the Labour junta is going to invest our money in housing it should be; 1) restricted to the area of the borough and 2) with a significant proportion of one and two bedroom properties to offer to those being ******* over by the bedroom tax. Nick Tessla
  • Score: 2

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