Combined Authority loan for West End Gardens in Haddenham repaid
Cambridgeshire & Peterborough Combined Authority has today confirmed that it has received repayment of a £6.5 million loan made to East Cambs Trading Company (ECTC), which was given to support a community-led development that delivered affordable housing for rent and sale in West End Gardens in Haddenham. This has been received ahead of the redemption date of 31 March 2023.
The development has delivered 54 units, 19 of which are affordable homes that have been transferred to Haddenham Community Land Trust (HCLT). HCLT was founded with the intention of providing affordable housing for local people priced out of the expensive Cambridgeshire housing market, and the trustees are all unpaid volunteers with a mixture of skills and backgrounds who have worked hard together to deliver this project. HCLT will manage these 19 new houses, ensuring that they remain affordable and available for local people for the long-term.
ECTC is wholly owned by East Cambridgeshire District Council. Palace Green Homes, the development division of ECTC, constructed and delivered the development and since their launch in the spring of 2016 has been a pioneer at the forefront of community-led development.
Speaking of the repayment, Chair of the Housing Committee, Cllr Bridget Smith said: “It is very welcome to have received the repayment loan in full, especially two months ahead of schedule. These new homes in Haddenham are a gateway to home ownership for people local to the area. All too often they find themselves unable to get onto the housing ladder, so schemes like this are a lifeline. It has been a wonderful effort by all concerned to deliver these homes, and I wish all of the new residents of West End Gardens the very best for their futures.”
Paul Remington, Chairman of East Cambs Trading Company said: “We’re delighted to have been able to repay the loan back to the Cambridgeshire & Peterborough Combined Authority two months early. It is thanks to the hard work of the team that we have been able to achieve this.
“West End Gardens is almost fully occupied, so we are now focussing on finalising the development and bringing forward other projects to provide much needed, high-quality housing for the local community.”