Cash boost of Â£3 million for Wellingborough Homes to build 100 houses
Wellingborough Homes has been awarded more than Â£3 million to help build 100 houses in the borough.
The housing organisation has received a £3.22 million allocation from the Homes and Communities Agency [HCA] under the £4.7 billion 2016-2021 Shared Ownership affordable housing programme.
The programme aims to support the development of 153,000 homes nationally, the majority of which are expected to be for shared ownership or rent to buy.
A further £1.4 billion was added to the pot by the Chancellor in his Autumn Statement in November last year, which is expected to deliver another 40,000 new affordable housing starts in England up to 2021 but with overall supply now the main priority, there will be more flexibility in terms of inclusion of some homes for affordable rent within the programme.
The funds received by Wellingborough Homes will go towards the development of 100 homes for shared ownership and rent to buy within Wellingborough and the surrounding areas.
In their corporate plan 2015–2019, Wellingborough Homes plans to build or acquire at least 500 homes, with 110 properties already completed and a secured development pipeline of about 400 units over the next five years.
Their largest single development to date, the 48 units at Mitchell Court, was handed over in December.
But they will continue to look for further opportunities to deliver more affordable homes and go beyond their current targets, subject to the availability of funding.
Denise Lewis, director of asset and development, said: “We are very pleased to have received a funding allocation from the HCA as this will help us to provide more homes for local people who want to own their own home but can’t afford to buy on the open market.
“The £3 million will support us in achieving our goal to build at least 500 homes in Wellingborough and the surrounding areas by 2019, and thanks to our effective partnerships with Borough Council of Wellingborough, developers and the HCA, we are well on our way to achieving our target.”
Wellingborough Homes is one of the largest local housing organisations in Northamptonshire, owning and managing more than 4,500 homes.