Council offers grants to build 'affordable' homes
Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance, Local Government
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Wandsworth Council is offering grant funding to public and private sector developers to build 'affordable' rent homes in the borough.
To qualify for a share of the £4 million subsidy pot, developers must be able to show the grant will be used to provide additional homes for low cost rent over and above the number already funded and approved.
The council will earn 'nomination rights' for any homes built with the grant funds - with priority going to Wandsworth residents who meet the local eligibility rules.
The new homes will be available on an 'affordable' rent basis with tenancies of up to five years.
Homebuilders can use the grant to support a site purchase, to add extra 'affordable' homes to an existing site, or any other approach which results in additional affordable properties being built.
The flexible scheme allows the grant to be used as seed money to lever in additional financing from other sources.
Cllr Paul Ellis, council housing spokesman, said: "This scheme is designed to unlock affordable housing developments which are just on the edge of viability. It will also serve to maximise the number of affordable homes built on local sites which have secure financing.
“Wandsworth residents will have up to 130 additional affordable rent homes to live in by the time the £4m pot is fully allocated. Priority for these new properties will go to local working households.
“The scheme is being part funded by right to buy sales - so as council housing tenants take a step into home ownership they provide money to build more affordable properties in the local area.”
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