Investment management firm ARA Venn to deliver £3 billion scheme that will provide cost-effective long-term loans to registered providers of affordable homes.
Housing Minister Rt Hon Christopher Pincher MP has this week announced that ARA Venn will manage the government’s new £3 billion Affordable Homes Guarantee Scheme (AHGS 2020).
Contracts have been signed for investment management firm ARA Venn to deliver the £3 billion scheme that will provide cost-effective long-term loans to registered providers of affordable homes.
The new Affordable Homes Guarantee Scheme will help to finance affordable homes across England, including for social rent, affordable rent and shared ownership.
The funding will provide low-cost, flexible loans that will support Registered Providers to deliver their development plans and deliver new affordable homes. The scheme will be complementary to the new Affordable Homes Programme.
They have also published the scheme rules, helping Registered Providers to plan ahead and prepare their applications for the support.
The scheme will be formally opened for applications in the coming weeks, with the first loans to be delivered next year.
Housing Minister Rt Hon Christopher Pincher MP said:
Richard Green, Partner, Portfolio Manager of AHGS20 at ARA Venn said:
This week’s announcement follows the launch last month of the new £11.5 billion Affordable Homes Programme, which will be delivered over 5 years from 2021 to 2026, providing up to 180,000 new homes across the country, should economic conditions allow.
More than 1.5 million new homes have been delivered since 2010, including more than 460,000 affordable homes. More than 644,000 households have been helped to purchase a home since spring 2010 through government schemes including Shared Ownership, Help to Buy Equity Loans, Help to Buy ISAs and Right to Buy.