Homes England has handed Swan Housing Association and Basildon Borough Council £30m to unlock 760 homes in the Essex town.
The government’s housing delivery agency has given the loan to the organisations for the development of two schemes in Basildon – the Craylands Estate scheme (renamed Beechwood Village) and the Laindon Place scheme.
More than 550 additional homes, 110 of them affordable, will now be built at the Beechwood site as part of the final phase of the scheme, while 210 homes and 7,000 sq m of commercial space will be developed at Laindon.
The funding from Homes England will allow Swan to develop both schemes at the same time and ensure that the final phases of Beechwood Village and homes at Laindon can be completed more quickly.
The new homes at Beechwood will be in addition to the 400 homes already being developed as part of the regeneration scheme.
Almost all of the homes across both schemes will be built at Swan’s factory in Basildon, which was opened in 2017.
The money will come from the government’s £290m Estate Regeneration Fund, which is aimed at accelerating the regeneration of housing estates and town centres.
In July 2017, more than 100 housing estates across the country received money through the Estate Regeneration Fund to help kick-start regeneration projects.
Geoff Pearce, executive director of regeneration and development at Swan, said: “This money will enable us to build much-needed high-quality homes, more quickly, at both Beechwood Village and Laindon Place.
“These homes will be built both using our state-of-the-art modular factory in Basildon and by traditional methods of construction. This partnership helps Swan towards our ambitious target of building an additional 10,000 homes by 2027 and Basildon towards its strategic growth goals for the borough.”