About 80% of the new homes will comprise affordable rental accommodation, including social rent, and the remaining 20% will be dedicated to shared ownership to be in Hertfordshire.
The five-year revolving credit facility will assist the housing association in significantly growing its existing portfolio of affordable homes for rental to lower-income households and for shared ownership across Hertfordshire.
WCH who currently owns and manages 6,800 properties and associated assets, will invest some of the funding for upgrades and maintenance to its existing properties.
Tina Barnard, chief executive at Watford Community Housing, said: “This funding is hugely beneficial to our aim of delivering 1,000 new homes by 2028.
“We know that there is a significant shortage of affordable housing, and this financial influx will allow us to continue delivering affordable, modern homes to those who need them most.
“We’re happy that Santander UK is helping us invest in Hertfordshire and confident we will deliver on our targets over the next few years.”
Darragh O’Keeffe, relationship director at Santander UK, said: “We are delighted to support Watford Community Housing with this £50m funding package.
“It plays a crucial role in the provision of affordable rental accommodation and shared ownership, and this funding will assist it to help more people in the local community.”