Affordable housing loan facility

We recognise that a lack of public funding is one of the main obstacles preventing new homes from being built so we have built an affordable housing loan facility of up to £50 million to help partner housing providers to do more in the city.

If you're a registered provider within the Plymouth Housing Development Partnership, Cooperative Housing Groups or Community Land Trusts you can apply for an affordable housing loan. Unfortunately we can't consider applications from private developers or individual house builders.

The aim of the loan is to increase and accelerate the delivery of new and affordable homes to support Plymouth's growth agenda and meet identified housing needs.

The initiative is one of sixteen contained in our Plan for Homes which has the ambition to deliver 5,000 homes over the next five years.

A minimum of £0.25 million (with a maximum dependent upon the strength of the scheme and creditworthiness) may be loaned to any one provider during the period 2014/15 to 2018/19.

How to apply

 Apply for an affordable housing loan [PDF, 108KB]

Proposals must:

  • clearly state the outputs (housing units) and be a named site in the city (this might also include sites which are on the city's boundary)
  • include a clear timescale of development with commencement on site by March 2019
  • meet our planning and housing requirements as a minimum

Loans must only be used for enabling and/or delivery of residential schemes. This can be used for the purchase of land, buildings and funding the development of new homes.

Each applicant must satisfy the our financial assessment and agree to undergo a credit check. Loans will be secured against assets and/or a legally enforceable income stream. If an independent asset valuation is required, we'll pay the costs in the first instance but reserves the right to discuss valuations and verification costs with the applicant before granting a loan.