One Manchester will become one of the main providers of affordable new homes in Manchester after securing a £22.8m funding boost from the government’s Homes and Communities Agency (HCA) to build 765 new homes in south and east Manchester over the next five years.
The new two and three-bedroom homes will be a combination of affordable rent, shared ownership and rent to buy, a new option which gives people the chance to rent a home initially with an option to buy after five years.
Councillor Bernard Priest, chair of One Manchester’s Board and deputy leader of Manchester City Council said: “This Homes and Communities Agency funding is a welcome boost in helping us achieve our ambitions to provide more of the homes that meet the needs and aspirations of local people, specifically for those whose household income is lower than the city’s average.
“There are a lot of people who can afford to pay the monthly mortgage payments but can’t raise the deposits and fees they need to secure a mortgage in the first place. That’s why we’re really keen to deliver shared ownership and rent to buy homes to help people overcome the barriers to home ownership, as well as affordable rental properties.”
When it launched in April 2015, place-making organisation One Manchester committed to building 500 new homes for Manchester in its first five years but has since raised its ambition to building more than 1000 new homes by the end of 2021, to help meet the growing demand for well-managed rental properties and affordable homes to buy across the city.
Dave Power, chief executive of One Manchester said: “Manchester urgently needs to build more good quality homes that meet the needs of residents whatever their circumstances. We are currently building 172 new homes in Hulme, which will be available for market rent with the income generated reinvested into our existing homes and services but we are also committed to building more affordable homes for rent and sale; this funding will help us deliver on that ambition.”