Housing association plans to build 500 new homes in Sussex and Hampshire after multi-million pound deal
Housing association Saxon Weald is planning to build more than 500 new homes over the next five years after clinching a £50 million funding package.
It says it will use the money - from NatWest - to add to its 6,760 homes for affordable rent and shared ownership across West Sussex and Hampshire
The association, which has its headquarters in Horsham, was founded in 2000 and has properties in Worthing, Rustington, Upper Beeding, Steyning, Henfield, Pulborough, West Chiltington, Storrington, Billingshurst, Bognor Regis, Arundel, Warnham and Broadbridge Heath - among other areas.
It provides homes for individuals and families, as well as bungalows and retirement flats exclusively for the over 55s.
Saxon Weald resources director Michael Chinn said: “The funding from NatWest will enable us to deliver our development programme and ensure we have housing for the people who need it most across Sussex and Hampshire.
“As well as building new homes, we will continue to focus on providing our existing customers with a consistently high standard of property management and maintenance services and access to advice and support.”
The funding forms part of NatWest’s recent commitment to support the housing association sector with £3 billion of finance by the end of 2022.
This will support the increase in provision of social housing, as well as improvements to existing properties.
NatWest associate director Dharmesh Patel said: “At NatWest we are committed to supporting housing associations like Saxon Weald which has ambitious plans to significantly expand its portfolio of homes by 2026.
“We have worked closely with Michael and Mark Pavlovic at Saxon Weald to provide a funding package that aligns with their business plan and will help them meet local housing needs.”
Saxon Weald, which employs 250 full-time staff, has continued to operate throughout the pandemic, with repair teams servicing customers while office staff have been working remotely.