Lloyds Banking Group Pioneers Major Social Housing Initiatives with £200 Million Commitment

Lloyds Banking Group Pioneers Major Social Housing Initiatives with £200 Million Commitment

(IN BRIEF) Lloyds Banking Group is taking significant steps to alleviate the UK’s social housing shortage through the redevelopment of decommissioned data centres and former office sites into new affordable homes. Starting with a project in Pudsey, West Yorkshire, the initiative aims to create up to 80 homes by 2026. Additionally, Lloyds has announced a £200 million financing commitment to support local housing providers focusing on vulnerable populations, including those experiencing homelessness. As the first UK bank to own and manage housing for at-risk families, Lloyds will launch a pilot scheme in Cambridge through its subsidiary, Citra Living. This move underscores the Group’s dedication to collaborating across sectors to expand quality social housing and address urgent housing needs.

(PRESS RELEASE) LONDON, 16-Jul-2024 — /EuropaWire/ — In a significant move to address the shortage of affordable homes in the UK, Lloyds Banking Group is spearheading a series of initiatives aimed at increasing the supply of social housing. This includes the redevelopment of decommissioned data centres and former office sites into new housing projects, beginning with a site in Pudsey, West Yorkshire.

Redevelopment in Pudsey: A Step Forward in Affordable Housing

The Pudsey redevelopment project marks the first of many such transformations. Set to commence in 2026, this project will convert a former office and data centre into up to 80 new homes, pending planning permission. These homes are intended to be available for social rent, contributing to the UK’s supply of good, affordable housing. This initiative is part of a broader strategy by Lloyds Banking Group to repurpose its legacy commercial real estate portfolio for social housing.

£200 Million Commitment to Support Vulnerable Communities

In addition to physical redevelopment projects, Lloyds Banking Group has announced a substantial £200 million financing commitment to support small, local organisations dedicated to housing those in greatest need. This financial backing aims to assist providers focused on individuals experiencing homelessness or those with special needs, thereby increasing the availability of quality homes for the most vulnerable.

Lloyds Banking Group Leads in Social Housing Efforts

Lloyds Banking Group has established itself as a key player in the UK’s social housing sector, working with over 340 housing associations of varying sizes. Despite the construction of approximately 40,000 homes in 2021, the UK continues to face a significant shortage of social housing. Lloyds Banking Group is dedicated to collaborating with housebuilders to expand the availability of quality social housing nationwide.

Citra Living: Addressing Homelessness

In a pioneering move, Lloyds Banking Group will become the first UK bank to own and manage housing specifically for families at risk of homelessness through its subsidiary, Citra Living. This initiative will see the Group acquiring suitable homes and partnering with housing organisations and local authorities to reduce the costs of providing quality accommodation for families in temporary or inadequate housing. The pilot scheme will launch in August in Cambridge, with plans for expansion to other cities.

CEO Charlie Nunn’s Vision for Social Housing

Charlie Nunn, Chief Executive Officer of Lloyds Banking Group, emphasized the importance of secure housing as a foundation for building futures. He highlighted the Group’s extensive support for the sector, including £17 billion since 2018, and encouraged others to consider similar redevelopment projects. Nunn reiterated the Group’s commitment to providing good-quality homes through partnerships across various sectors.

The Social Housing Initiative and Upcoming Forum

Launched in 2023 by Charlie Nunn, the Social Housing Initiative (SHI) aims to unite leaders from the financial, housing, public, and third sectors to tackle the chronic lack of social and affordable housing in the UK. To mark its one-year anniversary, the SHI will host the Social Housing Forum on July 15, bringing together policymakers and key stakeholders to discuss progress and future directions. Additionally, Lloyds Banking Group will release a white paper advocating for increased investment in social housing.

Collaborative Efforts for a Brighter Future

The SHI’s collaborative approach involves a wide range of stakeholders, including financial services, local authorities, housebuilders, housing associations, homelessness charities, and public sector advisory organizations. Through these partnerships, the SHI aims to remove barriers to good housing, unlock land, and address the immediate pressures faced by local authorities in providing housing for those in urgent need.

Lloyds Banking Group is the biggest supporter of social housing in the UK and works with over 340 housing associations of all sizes, from small local associations of several hundred homes to larger regional associations with tens of thousands of homes. Since 2018, the Group has provided more than £17 billion of funding to the sector and through Scottish Widows, provides longer-term investment in social housing infrastructure.

In April 2023 Lloyds Banking Group and homelessness charity Crisis joined forces in a two-year partnership to help tackle the shortage of good quality, affordable homes in Great Britain. Together, Lloyds Banking Group and Crisis are calling for one million new genuinely affordable homes to be built and made available to those on the lowest incomes, with a focus on supporting people at risk of, and experiencing homelessness.

Notes to Editors
* The SHI brings together a broad spectrum of housing stakeholders, including financial services(Lloyds Banking Group and Legal & General) local authorities(Bristol City Council and Leeds City Council), house builders (Taylor Wimpey and Barratt Homes), housing associations (Onward and Metropolitan Thames Valley Homes), the homelessness charity (Crisis), public sector organisations providing advisory expertise (Homes England) and the National Housing Federation.

Lloyds Banking Group is the biggest supporter of social housing in the UK and works with over 340 housing associations of all sizes, from small local associations of several hundred homes to larger regional associations with tens of thousands of homes. Since 2018, the Group has provided more than £17 billion of funding to the sector and through Scottish Widows, provides longer-term investment in social housing infrastructure.

In April 2023 Lloyds Banking Group and homelessness charity Crisis joined forces in a two-year partnership to help tackle the shortage of good quality, affordable homes in Great Britain. Together, Lloyds Banking Group and Crisis are calling for one million new genuinely affordable homes to be built and made available to those on the lowest incomes, with a focus on supporting people at risk of, and experiencing homelessness.

Media Contact:

Emma Fairhurst
emma.fairhurst@lloydsbanking.com
07814 395 855

SOURCE: Lloyds Bank plc