A £300m fund designed to unlock stalled residential schemes across Greater Manchester will officially open for business next month.
The Greater Manchester Housing Fund was set down as part of the region’s devolution agenda and is a cornerstone of the ambition to create a new wave of high quality homes of all types and tenures.
The devolved Housing Fund is an important alternative to bank funding and can help get schemes underway more quickly. I am very proud that Renaker is the first recipient and our aim now is to deliver high quality new homes in a great location that will help support the city region’s growth.
Renaker Group, Managing Director
The Greater Manchester Housing Fund was set down as part of the region’s devolution agenda and is a cornerstone of the ambition to create a new wave of high quality homes of all types and tenures. Loan funding is fully recoverable and it is estimated that the £300m could be used 2.5 times over the fund’s life, delivering a total residential development value of £1.5bn.
Councillor Sue Derbyshire, chair of the GMCA’s Housing and Planning Committee said “The fund was launched in July and we have made great progress. I am delighted the first scheme has now drawn down funding and is building new homes – the pace at which we have moved shows how committed we are to speeding up housing delivery.
“Some developers are still struggling with bank finance and this allows development to progress more quickly. Going forward we expect that it will be used to drive a range of housing, including high quality family housing on sites across Greater Manchester.”
Designed by Hodder and Partners the Water Street scheme sits at the city’s western gateway fronting Regent Road and will deliver six town houses together with 301 apartments.
Finance is still a key factor in getting spades in the ground and it is great to see the GM Fund already active and helping provide new homes for the city region.
Sir Richard Leese
Manchester City Council, Leader
Deborah McLaughlin, chief executive of Manchester Place, the partnership formed to promote residential development said “Our team is focussed on driving housing delivery across the city region and is working with developers like Renaker to access the GM Fund and accelerate development. This unique combined approach between the public and private sector is seeing results on the ground.”