Watford Community Housing plans to deliver 1,000 new homes after receiving a £50m funding package.

Santander UK provided the funds to build the affordable rental accommodations and shared ownership homes in Watford and the surrounding area by 2028.

The housing association estimates that 80 per cent of the new homes will offer affordable rent, but has not specified the planned locations of the new developments.

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With the five-year revolving credit facility, Watford Community Housing will grow from the current 6,800 properties and associated assets it owns by 2028.

Tina Barnard, chief executive at Watford Community Housing, said: “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.”