Greater Manchester Pension Fund (GMPF) have invested £100m into an investment fund developed and managed by Legal and General (L&G) to deliver much-needed affordable homes across North West England.

The fund will build affordable homes across the region and make a meaningful impact in addressing housing supply. The new homes which will be developed and operated by Legal & General Affordable Homes (LGAH).

Cllr Eleanor Wills, Chair of GMPF, said: “We are acutely aware of the severe housing crisis both nationally and in the North-West region. With record numbers of homeless children placed in temporary accommodation, the ever-growing waiting lists for social housing, and the younger generation being priced out of home ownership. This is why we are proud to continue our longstanding partnership with Legal & General to launch a specific vehicle for Northern LGPS that supports the Government’s plan to provide much-needed affordable homes for hardworking families while ensuring strong, low-risk returns to secure the pensions of our members.”

The Fund has an identified pipeline of new homes which will be developed and operated by LGAH. With £1bn invested in affordable housing and over 8,000 homes in operation or development to date, LGAH has an established track record in developing and operating affordable housing.