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Successful bid means £20m worth of new affordable homes

Date: 11/03/2008           Category: Housing and Homelessness

More than £20m looks set to be spent on affordable homes in Medway following a successful funding bid by the council. The council’s housing strategy and delivery service has worked with affordable housing partners to secure a social housing grant of £8,154,000 from the Housing Corporation, the national body that provides cash to fund affordable housing schemes in response to bids from providers. In Medway’s case the funding already secured for 2008 to 2011 will provide 258 new affordable homes that will mean housing for 992 people. Among the developments that will receive funding towards affordable housing are the first phase of Rochester Riverside, Medway Gate in Cuxton, a large development inside the Wainscott bypass and several phases on St. Mary's Island. Medway Council works with affordable housing providers to secure good quality affordable homes for local people in Medway. The aim is to meet the need of people in Medway who cannot afford to buy or rent a home on the open market. Research by the housing strategy team shows there is a growing need for affordable housing in the area, and the council’s target is to make sure that a quarter of all the homes on all developments of 25 units or more are affordable. The affordable housing planned for Medway will include both social rented houses and homes built for shared ownership under the national HomeBuy programme. Because of the way the grant works, the £8,154,000 is likely to result in more than £20 million being invested in affordable homes for Medway. The figure includes grant won by local landlord mhs, bidding for Housing Corporation funding for the first time after winning accreditation to develop affordable housing. A change in the way the Housing Corporation operates means that money is now being made available at regular intervals throughout the year as well as through the three-year funding programme. Medway’s first in-year bid has resulted in the council winning another £1,104,000 in additional funding which will enable a further 46 units of affordable housing to be built. Some of this funding will go towards affordable housing on the Sovereign Quarter in Gillingham, where Moat Housing will be offering 11 units for shared ownership, and Chatham Quays in Chatham Maritime, where the Town & Country Housing Group will be offering 22 units for shared ownership.