Hundreds of new homes are set to be built in Chorley.
A multi-million pound deal will result in approximately 350 homes built across the borough.
Chorley Community Housing is now looking to play a much greater role in meeting the demand for quality affordable accommodation in the area.Paul Chisnell - Group director of finance at the Adactus Housing Group
It is expected they will be built over three years.
Social housing firm Chorley Community Housing has secured a £50m loan from Legal and General’s lending arm, LGIM Commercial Lending Limited (CLL) to help fund the new project.
The new homes in Chorley are being built as part of major 814 homes scheme.
Other properties are being built in Lancaster and Sefton.
Richard Houghton, director of operations for Chorley Community Housing, said: “The company expects to build approximately 350 homes by 2018 in Chorley.
“At the moment, the company is in negotiations with landowners.
“But all the sites will be agreed with Chorley Borough Council, as we only undertake developments where the local authority agrees the need for the scheme.”
CLL has previously loaned money to the Adactus Housing Group, a parent company of CCH.
Last July, CLL loaned the Adactus Group £25m over a 40 year period.
Paul Chisnell, group director of finance at the Adactus Housing Group, added: “Chorley Community Housing is now looking to play a much greater role in meeting the demand for quality affordable accommodation in the area.
“Building on the existing relationship developed with CLL, we were delighted to be able to work with them to create that flexibility in order to closely support the business model going forward.”