Preferred Homes, a for-profit registered provider, is set to expand its extra-care affordable housing projects after securing over £100m in joint venture funding from Chicago-based investment manager Nuveen, a subsidiary of the Teachers Insurance and Annuity Association (TIAA).

The funding will support the development of eight schemes, focusing on 100% affordable rent extra-care housing for older individuals, providing independent living with available care support. The initial development pipeline includes sites in Leeds, Telford, Nottingham, Bicester, and Shrewsbury, with two additional projects expected to be announced in September.

Findlay MacAlpine, Chief Executive of Preferred Homes, stated, “Working in partnership with national and local government – and backed by substantial capital – we are moving quickly and want to create high-quality, purpose-built new communities across England.”

The Leeds site, Hunslet Moor House, is scheduled to open this autumn, offering 63 affordable extra-care apartments for rent. These homes will be let through nominations agreements with local authorities, with Preferred Homes retaining and managing the properties.

MacAlpine highlighted the challenges in the sector, saying, “The economic orthodoxy for affordable homebuilding and provision of adult care is broken. Demographic trends are fuelling demand, but for at least a decade there has not been enough consistent public or private funding to boost supply.”

Preferred Homes aims to deliver 50 schemes over the next four to seven years, aspiring to become a market leader in the sector. The company emphasises the role of institutional funding in addressing the care and housing crises.

In addition to the joint venture with Nuveen, Homes England is providing supporting funding to Preferred Homes. The homes will be self-contained and located in areas with access to local communities and services, ensuring a high quality of life for residents.

This development highlights the importance of construction networking events in facilitating such partnerships and securing the necessary investments to address housing needs across the UK.