A social housing organisation which provides affordable homes for people working in the education sector will be able to expand its property portfolio in Greater London thanks to a multi-million pound funding package from Unity Trust Bank.
A loan of £5m from the commercial bank with a social conscience will enable the Teachers’ Housing Association to add new properties to its housing stock and help even more teachers who are struggling with their living arrangements.
Teachers’ Housing Association, a charitable housing association established in 1967, currently provides nearly 300 homes in the London boroughs of Bexley, Brent, Croydon, Haringey, Islington, Kingston-upon-Thames and Waltham Forest.
Sian Llewellyn, chief executive of Teachers’ Housing Association, said: “Our aim is to offer safe, comfortable and affordable housing to teachers in need – those who have become homeless or who are struggling to pay their rents or are living in unsuitable accommodation.
“The number of teachers and others working in education currently on our waiting list and wider demand outstrips our supply. Many applicants tell us they can’t afford their current accommodation which is usually rented privately, some have no fixed abode and are sofa surfing or living with friends and family, and others say their current living arrangements are affecting their mental wellbeing and causing stress.
“This loan will enable us to expand our housing stock over the next five years and help even more people who work in the education sector.
“Unity Trust Bank shares our values in wanting to make a positive difference to society and we have been delighted with their support.”
Unity Trust Bank support
Unity Trust Bank has had a relationship with Teachers’ Housing Association since 2016 and has provided previous finance packages totalling £2.6 million to assist with developing new housing stock.
Ian Heesom, relationship manager at Unity Trust Bank, said: “There is a huge demand for social housing.
“Providing good quality, affordable housing for Teachers’ not only assists those working in the education sector but also has a positive impact on the wider community.
“At Unity Trust Bank we align our operations and practices with the UN’s Sustainable Development Goals and one of those goals is a commitment to provide safe and affordable housing and build resilient societies and economies.
“We are committed to helping organisations that want to make a difference to society and we are delighted to support Teachers’ Housing Association.”
Teachers’ Housing Association
Last year Teachers’ Housing Association was able to let 24 homes to people working in education in London. To apply for a property in Greater London applicants must be a teacher, or someone who works in education, and employed for a minimum of 16 hours per week in the borough in which they are seeking housing.
As well as supporting education sector workers, Teachers’ Housing Association also offers sheltered housing for more than 300 retired people in Birmingham, Brighton, Christchurch, Croydon, Hull, Paignton and Stock-on-Trent.
The association has a total housing stock of 646 properties.