Lloyds Banking Group is repurposing its decommissioned data centres and office sites into social housing to address the UK’s housing crisis. The first project, in Pudsey, West Yorkshire, aims to create up to 80 affordable homes.
In addition to the redevelopment project, Lloyds has committed £200million to support small, local organisations that provide housing for those most in need.
This funding aims to help local providers expand their capacity to offer quality homes, particularly for individuals experiencing homelessness or those with special needs.
Lloyds Banking Group will also become the first UK bank to actively enter the market to own good quality housing that will be available to house families at risk of homelessness.
Through its subsidiary, Citra Living, the bank will acquire suitable homes and collaborate with housing organisations and local authorities to reduce housing costs for families at risk of homelessness. The pilot scheme for this initiative will commence in August in Cambridge, with plans to expand to other cities.
Direct investment
Charlie Nunn, CEO at Lloyds Banking Group, said: “Everyone has the right to build a future from the foundation of a secure home. Social housing is part of this country’s critical infrastructure, and we need to direct and increase investment into the right homes, in the places they’re needed most.
“Lloyds Banking Group has provided £17billion of support to the sector since 2018 and today we also have announced our plans to redevelop decommissioned Group data centres and former office sites for new housing projects – and I would encourage others to also consider this.
“We’re also making a major financing commitment to housing providers, and through Citra Living we will own good-quality homes to be made available for those most in need. In partnership across the private, public and third sectors, we can create more good-quality, genuinely-affordable homes.”
Alongside this, Lloyds Banking Group is publishing a white paper on the need for a new era of investment in social housing.
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