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Manchester Council proposes £10m fund for 2,500 homes
Manchester City Council plans to invest £10m to deliver 2,500 homes over the next five years.
Manchester Council proposes £10m fund for 2,500 homes #ukhousingThe council’s £2m a year Housing Affordability Fund will pay for homes for social rent, affordable rent, shared ownership, shared equity, rent-to-purchase and Help to Buy.
This will include new homes and homes acquired from housing associations and the private sector.
The council has been working with housing associations to develop a disposals policy for stock they want to sell and recently set up an investor panel. This panel is made up of private sector partners that can buy homes, refurbish them and either rent them out or sell them to first-time buyers.
The council proposes using part of the Housing Affordability Fund to help the panel buy empty homes and fund grants for homes in low-value areas.
The fund is being pooled from Section 106 payments from developers, Right to Buy receipts including preserved receipts from housing associations, the council’s Housing Revenue Account, and its housing capital programme. The council also plans to use its borrowing powers to provide capital funding and invest some of its land and buildings, potentially at a discounted rate.
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Four areas have been earmarked as ‘housing affordability zones’, where the affordable housing will be largely concentrated and where the council has “significant” land. These zones are in North Manchester, Clayton, Beswick and Wythenshawe town centre.
The council’s executive will vote on the proposed fund at a meeting next Wednesday.
Bernard Priest, deputy leader of Manchester City Council, said: “Manchester is a sought-after place to live and meeting the demand for all types of housing is essential. A key part of this is ensuring a choice of decent homes at prices which Manchester people at or below the average city wage can afford.
“We know this is a real concern for Mancunians. Our fund is an innovative response to this challenge and the proposed housing affordability zones will give us an opportunity to help create momentum.”
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