£14m funding for 350 affordable homes at Northminster ‘with longer tenancies’ recommended
More than £14 million of funding is expected to be approved to deliver 353 affordable rental homes at Northminster in Peterborough.
The city’s mayoral authority has recommended offering the sum as part of its affordable housing programme.
A final decision will be made next week.
As previously outlined by the Peterborough Telegraph, regeneration of the city centre site will deliver one, two and three bedroom “high end” properties with commercial space on the ground floor to be used for leisure or hospitality.
Peterborough City Market will be demolished, but city council leaders have promised to find traders a new home.
The Cambridgeshire and Peterborough Combined Authority receives government funding to deliver affordable homes across the county.
And a report to its Housing and Communities Committee, which meets on Monday, states: “This housing will be available for people in the community who are not on the housing register, mainly for young professionals, key workers and low-income earners, whereby the rent will not exceed 80 per cent of the market rents, for perpetuity.
“They will also be offered longer tenancy agreements ranging from one to three years, therefore providing more security.”
The committee will decide whether to release the £14 million funding for the Peterborough Investment Partnership to deliver the scheme.
Should planning permission be granted, works are expected to begin at Northminster early next year.