Scandal-hit social housing provider gets £55m cash injection

Rochdale Boroughwide Housing (RBH) has secured £55 million for regeneration projects in Rochdale, marking its first major funding since overcoming a regulatory freeze after a tragic incident involving mould exposure. The cash will aid in delivering new homes and improving existing properties, as RBH owns over 12,000 homes in the area. Following a detailed review after the inquest into Awaab Ishak’s death, RBH’s governance rating improved, moving from G3 to G2. Chief Executive Amanda Newton expressed optimism about the future, with a focus on customer needs in their three-year strategy. The funding includes a £20 million loan from Principality, marking its first investment in English social housing. This partnership underscores confidence in RBH’s recovery and plans for ongoing community development in Rochdale. The package features a £25 million term loan from Santander UK with potential extensions and a £10 million revolving credit facility. It’s all about building a safe and sustainable future for local residents!

Read the full article at Manchester Evening News