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Jersey's largest independent social housing provider has received £60 million of funding from a UK investment company to meet future housing demand without affecting current tenants.
The money has been provided to Jersey Homes Trust by M&G Investments, which provides funding for housing associations.
This new long-term funding, which replaces all existing loans, was registered with the Royal Court at the end of October.
Pictured: Philip Le Cornu is the Chair of the Jersey Homes Trust.
Jersey Homes Trust Chair Phil Le Cornu explained: “Since we established nearly 30 years ago, we now have almost 840 homes in our portfolio.
"The borrowings made to enable us to undertake those developments and refurbishments are maturing in the next few years, so we have taken the opportunity to step back and look at how to best arrange the Trust’s finances going forward.
“This arrangement enables us to maintain a healthy cash flow for reinvestment into island housing stock for the next 25 years.
"Whilst this is clearly a significant sum, it gives the JHT the ability to continue to renovate our existing homes as part of our ongoing refurbishment and modernisation programme.
"Also, and equally importantly, it enables us to invest in new opportunities, in line with building and planning policy, to develop affordable social rented housing for the people of Jersey for the long term."
He added: “In today’s terms this has no impact on any of our tenants, and any existing arrangements will continue as normal. It’s simply a way for the Trust to plan for, and meet, future housing demand in this sector.
“We remain dedicated to addressing the needs of islanders. Our ongoing development projects and management efforts continue to make a significant impact on the Island’s housing landscape, helping to alleviate the strain on families in need of safe, stable, and affordable accommodation.
"We have now secured that for the foreseeable future.”
Pictured: Victoria Place, where the Jersey Homes Trust manages 77 flats. (Rob Currie)
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