Andium Homes has been given the money in three separate advances to fund major projects as part of a drive to upgrade existing units and build hundreds of new social rented homes.
All of the money has come from £207 million borrowed by the States from external markets and ring-fenced for housing.
The loans will be paid back by Andium over time, and with interest, using money raised by rents.
- £2.185 million to carry out enabling works for the fourth phase of the redevelopment of Le Squez;
- £7.119m to refurbish 52 units at Caesarea Court;
- £4.991m to buy 30 one-bedroom flats at Langtry Gardens for Islanders aged over 55.
The regeneration of Le Squez has spanned more than a decade, and the fourth phase of the project is the last.
The enabling works will focus on drainage and power supplies so that building can start next year.
The work at Caesarea Court will include installing new electrics, kitchens, bathrooms and windows.
The building will also be clad in a ‘highly insulated rain screen cladding system’.
The project will mean that all of the units will then meet the Decent Homes Standard, a minimum standard introduced by the UK for social housing.
The States is aiming to bring all of its units up to that level in the next ten years.
- Andium Homes is a States-owned company that acts independently to look after the Islands housing portfolio.
- Previously the Housing Department had responsibility for the administration of Jerseys social rented accommodation, affordable housing and accommodation for older Islanders, but Andium was given oversight of these area last year.
- The company manages more than 4,500 properties and provides accommodation for more than 10,000 Islanders.
- They have embarked upon a major drive to bring all States-owned housing up to the nationally recognised decent homes standard and are also creating hundreds of new homes at sites across the Island.
The flats at Langtry Gardens will be the third block at the site to be owned and managed by Andium Homes.
The company already owns 48 properties on the site and manages 32 two-bedroom bungalows which belong to the parish of St Saviour.
All three loans have been approved in separate ministerial decisions signed by Treasury Minister Alan Maclean.
Dominique Caunce, client engagement and communications director at Andium Homes, said that the money would help to make important progress on projects that would make a real difference to people’s lives.
‘We are delighted to see these loans agreed, as the three projects make a significant impact on our commitment to raising the standard of our existing homes and also in delivering new additional homes,’ she said.
‘We are particularly pleased to have the funding in place to commence the final phase of the Le Squez redevelopment, a project we are very passionate about.’
- 75 per cent of States-owned homes meet the Decent Homes standard
- The waiting list on the affordable housing gateway, which monitors those who need accommodation, currently exceeds 1,200
- The company works to help more than 10,000 people
- 1 July 2014 the date that Andium began operating
- 4,500 the number of homes for which Andium provides landlord services
