Stockport ALMO leads the way in securing development cash
First arm’s-length deal to fund homes signed
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The Housing Corporation announced in July last year it would allow ALMOs to bid for government cash to become major house builders.
Eight ALMOs have been involved in bids for money, but the corporation confirmed this week that Stockport has been the first to succeed.
In the deal, signed this week, Stockport will receive £1.02 million and wants to use it to build 17 new homes.
Helen McHale, chief executive of the ALMO, said: ‘Stockport Homes is an ambitious organisation dedicated to improving homes in the borough.
‘Despite its young age, it is because of Stockport Homes’ drive and commitment that it has seized the opportunities offered by the national affordable housing programme.’
Stockport Homes - a three-star organisation - was set up three years ago and plans to submit bids for funding again in December 2008.
Ms McHale added: ‘It is hoped that these [17] houses will be the first of hundreds Stockport Homes builds in the borough.’
Alistair McIntosh, lead officer of the National Federation of ALMOs, said the news marked the shape of things to come. ‘This is just the beginning,’ he said. ‘The old monopolies are gone. Where ALMOs are trusted by the local community they have the potential to drive through regeneration.’
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