A loan was made to Bomarsund Housing Co-operative to assist in the development of 12 one bed apartments for the over 55s. The £350k loan saw the new homes open at their flagship development in Seghill. The facility is eight miles north of Newcastle upon Tyne and opened during March 2014.

Di Veitch is the Management and Development Consultant of Bomarsund. Di said: “With secured fixed term tenancies and community involvement, we can guarantee good quality housing for the future and perpetuate the benefits of co-operative living”.

Bomarsund Housing Co-operative residents have a say in their housing from the ground up. The resident development group inputs into the development process, selects materials and has a hand in design and specifications. Tenants are also encouraged to get involved in the running and improving of services and neighbourhood development.

Along with a community fund grant through the Homes and Communities Agency and its own cash reserves, Bomarsund was seeking a competitive loan to allow it to strategically build where it had existing housing in Seghill. All 12 one and two bed units have been allocated to single or couple occupants with varying housing needs. Many of these residents were previously under-occupying larger family homes or having significant housing difficulties.