We’re really pleased to announce that we will be building 765 new affordable homes across south Manchester by 2021 after securing £22.8m in grant funding from the Homes and Communities Agency.
Once built, the two and three-bedroom homes will offer a combination of shared ownership, affordable rent and rent to buy, a new option 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 our 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 we launched One Manchester in April 2015, we committed to building 500 new homes for Manchester within our first five years but following this boost we are now able to commit to building 1000 new homes by 2021 to help meet the growing demand for well-managed homes to rent and affordable homes to buy across the city.
Our chief executive, Dave Power, 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.”