£735k of funding agreed for 21 affordable homes in Peterborough

Funding of £735,000 has been committed to support the conversion of 21 new homes from open market to affordable rent at Belle Vue in Stanground.

Thursday, 30th May 2019, 11:03 am
Updated Thursday, 30th May 2019, 12:03 pm
Funding has been agreed for 21 new affordable homes

The decision was made at the Annual Meeting (Wednesday) of the Cambridgeshire & Peterborough Combined Authority.

Metro mayor James Palmer told members: “The combined authority is committed to accelerating affordable housing delivery to meet local and UK needs and, in co-operation with Medesham Homes, support economic growth in the region.”

Developers Medesham Homes are a joint venture between Peterborough City Council and housing association Cross Keys Homes.

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They applied for the grant to complete a development of 30 affordable homes on the site, with Phase 1 (nine units) already under construction.

The money is part of a £170 million devolution deal secured by the combined authority to fund the delivery of 2,500 affordable homes by March 2022.

Of this, £70 million has been allocated to fund 500 affordable homes in Cambridge. The remaining £100 million will be used to build 2,000 affordable homes across Cambridgeshire and Peterborough.

The release of the £735,000 funding means that Phase 2 can now go ahead with accommodation comprising eight three-bedroom homes, 16 two-bedroom homes and six one-bedroom homes.

Claire Higgins, chief executive of Cross Keys Homes and a board member of Medesham Homes, had previously said: “This development site forms part of Medesham Homes’ long term strategic development plan to deliver quality affordable homes throughout Peterborough to help tackle the challenging housing issues and longer-term homelessness problems.”