£7 million success for new S3 Development Consortium

Three midlands-based housing associations have joined forces to launch a new development consortium – S3 – and they are off to a flying start. S3 has been awarded over £7m from the Homes and Communities Agency to build 355 new affordable homes, across Staffordshire and Shropshire, in its first ever joint bid.

The new homes will be built over the next three years, many in rural villages and towns where house prices are rising faster than rural wages making buying homes unaffordable for many people.

As well as providing much-needed new homes, S3 will be contributing massively to the local economy by helping to create and sustain jobs in the construction industry.

Housing Plus, Severnside Housing and Stafford and Rural Homes joined together to form the S3 development consortium as the organisations are geographically very similar both with urban and rural housing stock and are like-minded in their values and bidding strategies. S3 is named for its three members: Stafford and Rural Homes, Severnside Housing and South Staffordshire Housing Association (part of the Housing Plus Group).

Grants secured by S3 will be supplemented by money raised directly from commercial lenders by each association. S3 will continue to bid for funding as it becomes available.

Chief Executive of Severnside Housing Sarah Boden said “S3 is an exciting new venture for Severnside that is already proving very successful. Over the next four years, Severnside aims to build 390 much-needed new homes in Shropshire and S3 will help us to achieve our ambitious goal.”

Chief Executive of Stafford and Rural Homes Karen Armitage said “From the start of its building programme in 2010, SARH has sought to provide much-needed homes in Stafford with financial support from the HCA wherever possible. The recent S3 allocation contributes in part to SARH commitment to build more than 300 new affordable homes in Stafford for people who need them. We will continue to work together with others to ensure we continue to deliver.”

Chief Executive of Housing Plus Debbie Griffiths said “Housing Plus plans to build 300-400 new high-quality affordable homes over the next four years for the people of South Staffordshire. The new S3 development partnership will help all three associations deliver the affordable homes their communities will need in the coming years. We will work closely with the Homes and Communities Agency and other potential funders and partners to ensure that we make the most of every funding opportunity to deliver new homes for our community”

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