Borough council to make £10m loan to independent housing provider

A borough council is to make a £10m loan to an independent housing provider in order to increase the number of affordable properties available in its area.

The loan to Worthing Homes will be made by Worthing Borough Council later this year and financed through borrowing.

At the time of the initial debate before the full council, it was estimated that the local authority would cover the cost of its borrowing and support Worthing Homes in raising significant investment finance at affordable repayment rates.

A spokesman for Adur & Worthing Councils said: “An investment of this magnitude will allow the creation of around 100 homes being built, making a significant impact on the council's housing waiting lists and improving the lives for the many people in the borough who want to start putting down permanent roots to grow their families, increase employment prospects and take advantage of living in this popular area.”