22 Jul 2020
NatWest to support vital social housing sector with £3bn funding
Today, as the bank changes the name of its parent company to NatWest Group, NatWest has announced continued support of the housing association sector with £3bn of new funding over the next three years that can support the development of around 20,000 new homes.
Through the coronavirus crisis, NatWest has supported its customers across all sectors with access to government backed lending schemes, as well as capital repayment holidays, increased overdrafts and other funding solutions. For the housing association sector, NatWest has so far supported its customers by helping to raise funds in issuance through the Covid Corporate Financing Facility (CCFF). The bank has also completed deals that were in progress as the pandemic started to ensure there was no funding interruption to the social housing sector.
NatWest is committed to supporting the delivery and maintenance of housing in the UK, which is vital to the economy and people and families who rely on affordable housing. The sector will be critical as the country emerges from the crisis. The bank’s £3bn of new funding over the next three years will ensure its customers in this sector can deliver a pipeline of new homes and improved living conditions in existing properties.
Alison Rose, CEO of NatWest Group, said: “It has never been more critical to support the delivery of housing in the UK as more and more people have had to stay in their homes for prolonged periods during the pandemic. Many people have homes where they feel safe and comfortable, but there is still a significant number who don’t.
“We are a strong supporter of the housing sector and its effort in solving the housing crisis, with £12bn currently committed to the sector. But we want to do more and provide more support over the years to come, aligning with our purpose at NatWest Group of helping our customers and communities succeed. That’s why we’re committing £3bn of new funding by the end of 2022 to ensure that more people and families can have a sanctuary they call home.”
Today’s commitment by NatWest builds on its support for the Homes at the Heart national campaign.
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£3bn funding applicable to the regulated social housing sector.
The funding is limited to not-for-profit Registered Providers.
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