A £5m investment in a range of affordable housing projects across the region including the acquisition and development of 140 homes has been announced by York Housing Association.

Hundreds of people will benefit from the investment providing much needed affordable housing across Yorkshire and Humber. 

Currently York HA is investigating potential sites for building 70 new affordable homes in the York, East Riding and Scarborough areas, in addition to purchasing 70 existing affordable homes in the East Riding and York.

With banks no longer making available long term loans, York Housing Association has turned to The Housing Finance Corporation to raise funds on the Bond market to fund the planned growth, with further support from the Government’s Homes and Communities Agency.

Julia Histon, Chief Executive of York Housing Association, said: “This is the first time we have gone to the City to raise funds through an aggregated bond. The Housing Finance Corporation has helped us to join forces with other housing associations across the country to raise cash to help meet the housing needs of local people.

“There is a huge demand for more affordable housing in our area and we are making the best use of our resources to help meet this demand.

“Our development plans will be rolled out over the next three years and will start with a mixture of 18 family homes in Elvington, on the former Allenby Nursery site, with 12 being offered for affordable rents and six for shared ownership to enable local people to get onto the housing ladder.”

York HA Development and Property Director Paul Atkins said: “People who are local to Elvington will get priority for these new homes which I am sure will be a real asset to sustaining the local community.”

In addition, the current development programme includes three new affordable homes in East Yorkshire and specialist supported housing in Scarborough for young homeless people.

Further information on York Housing Association can be found at www.yorkha.org.uk.