Funding released for 28 new affordable homes in Peterborough

The funding was released (Monday) for the building of the 28 affordable houses in Stanground, Peterborough.Members of the Cambridgeshire and Peterborough Combined Authority Housing and Communities Committee approved the money at their online meeting as part of Metro Mayor, James Palmer’s ‘Crown Jewel’ projects to provide 2,000 affordable homes across Cambridgeshire and Peterborough.Addressing the meeting, Chairman, Cllr Chris Boden (Conservative, Fenland District Council), Lead Member for Housing, said: “Back in 2017, the Combined Authority successfully negotiated a £170m fund from the government for the delivery of affordable homes.“Within this funding, 2,000 affordable homes are to be built at a cost of £100m across Cambridgeshire and Peterborough, with £70m for Cambridge City Council to provide 500 council houses.
“This release of this £1.2m of funds will provide for 28 dwellings of affordable rented flats and housing ranging from 1-3 bedrooms on a site in Stanground, Peterborough.”The 28 affordable dwellings will be built on a site that currently has an A1 commercial use class on South Street and Coneygree Road. As no current residential planning consent exists, it will be a windfall site with 100% affordable housing.Heads of terms are agreed with the vendors, and solicitors have been instructed for the acquisition of the freehold interest of the site.Acquisition is hoped to be completed over the summer subject to legal issues and due diligence. The scheme will require internal approval by Cross Keys Homes’ Growth Board. This is scheduled for 24 June 2020.