Principality support affordable housing in Wales with £10m deal

Principality Commercial has provided £10m in funding to Family Housing Association, to support the development of affordable housing in south and west Wales.

The financing from Wales’ largest building society will assist Family Housing Association’s plans to deliver many more affordable homes for communities who need it most.

Based in Swansea, Family Housing Association currently manage over 2,800 quality affordable homes, as well as providing tenant services. In line with the Welsh Government’s housing agenda, the funding will also enable plans to develop low carbon homes of the future.

The latest funding demonstrates Principality’s commitment to affordable housing in Wales. Throughout the pandemic, the Society has ensured that the plans and ambitions of Welsh housing associations continue to be supported. To date, they have delivered £55m of a £75m fund, launched for Welsh housing associations in 2017.

Jan Quarrington, Social Housing Manager, Principality Commercial said:

‘‘We’re proud to be working with Family Housing Association, as they look to develop much needed new homes for communities in Swansea and across west Wales. As a mutual building society, our ethos is to ensure people can prosper in their home and community and we’re pleased that Family Housing Association, who share this ethos, have accessed the financing.’’

Marcia Sinfield, CEO of Family Housing Association said:

“Principality share our commitment to providing affordable homes in Wales and we are delighted to have the opportunity to work with Wales’ largest building society. We are committed to delivering 700 homes over the next 10 years, a journey we are excited to be embarking upon with the support of Principality.”

To find out more, visit www.principality.co.uk/commercial