Principality provides £6m to not-for-profit for new affordable housing

Supporting affordable housing

Principality Commercial has provided £6m in funding to support a not-for-profit housing association construct over 30 new energy efficient, social and affordable homes, with the objective of building sustainable neighbourhoods in Wales. 

The commercial arm of Wales’ largest building society has provided Bro Myrddin with essential funding that went towards building 30 affordable homes to positively impact the communities they serve with the aim of reducing homelessness and improving quality of life overall.

Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.

Commenting on the partnership, Richard Wales, Commercial Lending Director for Principality Building Society, said: “It’s such an honour to work with an organisation who is dedicated to improving the lives of people across Wales by providing affordable homes and practical support. We know that the funding will help bolster their efforts in creating sustainable neighbourhoods which will allow their residents to thrive.” 

About Bro Myrddin Housing Association

Bro Myrddin Housing Association, a long-standing partner of Principality Commercial, provides people across Carmarthenshire and Pembrokeshire with housing-related support.

Based in Carmarthen, the association maintains around 1,065 homes and provides a wide range of service for its residents and other stakeholders – the organisation’s homes include individual flats and houses, sheltered housing, and supported homes that enable people to live independently.

Rhodri Jones, Director of Corporate Resources, Bro Myrddin, said: “Demand for affordable housing in Wales is high, and will only increase, so it’s vital that we continue investing in the development of new homes. We’re grateful for the financial support from Principality and value the partnership we’ve established over many years. We’re looking forward to seeing our developments progress while we continue to enrich people’s lives through good quality and sustainable homes.”