WARRINGTON Borough Council will extend two loans to housing associations building ‘genuinely affordable homes’.

During its meeting on Monday, the cabinet agreed to extend, by five years, the availability periods of loans with Arawak Walton Housing Association and Irwell Valley Housing Association.

Deputy council leader Cllr Cathy Mitchell said both housing associations are building ‘genuinely affordable homes’.

In her report, Cllr Mitchell said the council has administered a successful loans programme since 2009 to support economic regeneration in Warrington and the surrounding sub-region.

She added: “Arawak Walton Housing Association are a small housing association with homes across the Greater Manchester area.

“They are now the largest independent black and minority ethnic (BME) housing association in the north west, with an asset base of around £57 million and turnover in the region of £5 million.

“They have been trading for over 25 years. A loan for £5m was approved by Cabinet on 23rd May 2017.

“Irwell Valley HA Ltd is a medium-sized housing association based in Greater Manchester in the north west of England. It has over 7,500 units, which include social and affordable housing lettings.

“They are a not-for-profit charitable association, but have a wholly owned company providing property services also. A loan for £30m was approved by Cabinet on 8th April 2019.”

The cabinet approved the extension of the availability period for the Arawak Walton Housing Association £5 million loan to a maximum of the July 5 2027, together with delegating to the director of corporate services and the director of law and governance authorisation to agree any changes to the loan agreements.

It also approved the extension of the availability period for the Irwell Valley Housing Association £30 million loan to a maximum of five years from the amendment date, together with delegating to the director of corporate services and the director of law and governance authorisation to agree any changes to the loan agreements.