MILLIONS of pounds will be spent building new homes in the district.

Greenfields Community Housing has signed contracts to secure £65 million to build 850 homes by 2021.

Investment manager M&G Investments is providing a £40 million loan, of which Greenfields will receive £20 million this year and £20 million next year, to be repaid over a 35-year period.

A further £25 million will come from the government's Affordable Housing Guarantee Programme - £12.5 million from a bond loan and the remaining £12.5 million from the European Investment Bank.

Both will be repaid by 2047 and are government-backed with low interest.

David Hall, Greenfields’ Finance Director, is delighted with the additional funding and the difference it will make for local people.

He said: "Creating safe, sustainable and thriving communities is something that myself and many others at Greenfields are extremely passionate about.

"It is excellent news that we have secured these loans from new partners that genuinely believe in who we are and the impact we want to have on residents’ lives.

"I look forward to seeing the positive outcomes that these homes will have for many years to come."

Although unable to confirm details of future developments just yet, the housing association is either onsite or will be in the near future in Braintree, Hatfield Peverel, Witham, Sible Hedingham, Kelvedon, Felsted, Elsenham, Colchester, Stansted, Sudbury and Saffron Walden.

Mark Davie, head of social housing at M&G, said: "Long-term financing of this kind will enable Greenfields to meet its development ambitions and provide much-needed affordable housing within the area it serves."

Greenfields aims to own and manage 9,000 homes by 2020 and, since 2011, has built over 175 homes across the district as well as Thaxted and Sudbury.

The properties built will be for rent, shared ownership and sale in the Braintree district and the surrounding area.