Grants and funding for our homes
Grants for Retrofit
We have received funding from the Department of Energy Security and Net Zero, and others, to support retrofit works to our homes to improve their energy efficiency and EPC scores.
Below are the funding sources used since 2024:
ECO4: 159 Magna homes improved through funding for solar panels. These funds were paid directly to contractors rather than to Magna.
Wave 2: 85 homes improved through a combination of retrofit works.
Wave 3: 338 to be improved through retrofit.
To date, since April 2024, we have received or accrued £1,474,828.60 in funds from Wave programmes. ECO4 payments are made directly to contractors meaning we are unable to provide precise values for this funding stream.
Grants for Development of New Affordable Housing
The table below summarises the grants we have received for the development of new affordable housing in Dorset and Somerset.
| 2024/25 | 2025/26 | 2026/27 | |
| Homes England | £327,971 | £6,683,900 | £4,367,600 |
| Local Authority (Dorset) | £210,000 | £105,000 | £0 |
| Recycled Capital Grant Fund | £210,000 | £100,000 | £0 |
| TOTAL | £747,971 | £6,888,900 | £4,367,600 |
Funding types:
Homes England funding: Funding from Homes England is used to support the construction and/or purchase of new affordable homes (all for social rent or shared ownership), excluding the purchase of Section 106 homes from developers, which are not eligible for grant.
Local Authority Funding: Funding from a Local Authority to contribute to the construction of new affordable homes to help meet a specified local need or priority.
Recycled Capital Grant Funding: Recycled Capital Grant Funding is an internally managed fund that allows Magna to retain and recycle recoverable grant funding from previous developments into future affordable homes upon disposal or change of use of previously funded properties.
Note: All data is at the point of accounting rather than receipt of grant.