£50m funding secured to support new and existing homes

We’ve secured £50 million of new funding to help us continue investing in our existing homes and deliver hundreds of new affordable homes.

The funding has been secured through the Affordable Homes Guarantee Scheme, which is backed by the UK Government and managed by Venn.

It will help support our plans to build more than 450 new homes for social rent, alongside continued investment in our existing homes.

The £50 million is part of a larger £100 million funding facility agreed with Venn, giving us the option to access a further £50 million in the future.

For us, securing long-term funding like this is important because it gives us greater certainty to keep moving forward with our plans, particularly at a time when the housing sector continues to face increasing costs and pressures.

Ashley Harrison, Executive Director of Resources and Commercial Services at Ongo, said:

“We’re really pleased to have secured this funding. It gives us further financial security and, most importantly, helps us continue delivering on our plans to provide much-needed new affordable homes while investing in and improving our existing homes.

“Ultimately, this is about making sure we’re in a strong position to continue delivering for our customers and communities.”