The loan from the government’s housing delivery agency will help to redevelop the Craylands Estate, renamed as Beechwood Village, and the Laindon Shopping Centre, which will become Laindon Place.
More than 550 new homes are being built at the Beechwood site, including up to 110 affordable homes, whilst 210 homes and over 7,000 sq m of commercial space will be developed at Laindon.
The funding will allow Swan Housing Association, who are working in partnership with Basildon Borough Council, to develop both schemes at the same time, enabling the final three phases of regeneration at Beechwood Village and new homes at Laindon shopping centre to be completed more quickly.
When completed, Laindon Place will include a new high street with shops, a supermarket, and a new health centre. The new homes to be built at Beechwood Village will be in addition to more than 400 homes, retail units and community centre completed in earlier phases.
Homes England has agreed the loan as part of its £290 million Estates Regeneration Fund, which offers finance to kick-start and accelerate the regeneration of estates.
Almost all the homes will be built off site at Swan’s factory in Basildon, using pre-manufactured modular construction techniques.