North Yorkshire-based Broadacres Housing Association has received an eight-figure funding package from NatWest, to progress its green growth plans.
The £80 million funding package will help the not-for-profit housing association, fulfil a range of long-term objectives across the business including the delivery of 800 new homes for those most in need across the region, as well as support plans to become a net zero carbon business by 2050.
Since being established in 1993, Broadacres has grown to become a £40 million-a-year turnover business with more than 380 employees, supporting social housing needs predominantly across North Yorkshire.
Broadacres currently owns 6,500 homes within North Yorkshire split across rented, supported and shared ownership. The funding obtained from NatWest will enable the delivery of a further 800 homes over the next five years across the Region, with continued plans to expand.
The multi-million funding package will also see Broadaces drive forward its green agenda. Currently, Broadacres is working to tackle fuel poverty by replacing old storage heaters with new, more energy efficient, heating systems such as air-source heat pump technology.
Other schemes across the organisation such as reducing the amount of waste it produces and switching to an electric or hybrid fleet, will ensure Broadacres reaches its net zero goal by 2050.
David Smith, Executive Director at Broadacres Housing Association, said “Primarily, Broadacres’ aim is to help local communities and the people within it to have a better quality of life, through the provision of better homes at affordable rates.
“The support that NatWest has provided Broadacres over a number of years has allowed us to serve the local community and create genuine value within the North Yorkshire region.
“Becoming net zero will help Broadacres grow, seize new opportunities, create new jobs, encourage investment and adapt to the challenges of climate change.”
David Horne, Director of Housing Finance at Natwest said “Since NatWest confirmed its £3 billion commitment to the UK Social Housing sector for the next three years, we have seen Broadacres committing to re-invest within the sector as well as tackling the climate.
“NatWest has had a long-term partnership with Broadacres and this tailored funding package will help Broadacres move forward in its next phase of its strategy. We look forward to continuing to support the business with its meaningful contribution to local communities, while helping facilitate its journey towards net zero.”