County Durham Housing Group has been awarded investment partner status from the Homes and Communities Agency (HCA).
The partnership confirms the HCA’s confidence in the group to draw down funding for its development schemes independently, without the backing of another housing provider.
Following a rigorous application process, the HCA has now endorsed the group’s technical ability, financial capacity and business standing to receive public funding.
Ged Walsh, Director of Assets and Regeneration at County Durham Housing Group, said: “Partnership status is a real feat as it will allow us to develop a close working relationship with the HCA.
“We are delighted to be able to represent the various areas of the county we manage, to ensure our new build ambitions are suited to our residents’ needs.”
The status follows the group’s recent success in securing £6.7m to develop 121 new houses for Rent to Buy; and 74 specialist bungalows for affordable rent by 2021.
The Rent to Buy scheme aims to help people step on to the housing ladder by offering affordable homes at 80% of market rent, which will allow residents to save for a deposit at the same time.
Karen Anderson, Specialist at the HCA, said: “Achieving investment partner status is great news as it means once County Durham Housing Group starts building new affordable homes, it can access funding from the HCA to help meet the costs.”
The funding is part of the government’s Shared Ownership and Affordable Homes Programme (SOAHP), which highlights its commitment to extending home ownership and a shared society for everyone.