Over £2.76m secured to fund 65 new homes in York
Posted by Nick Hill on 10 Jan 2017
The City of York Council has secured over £2.76m of funding to go towards the build of 65 new homes in York.
The 65 homes will be a mix of properties bought on the open market and of new-build homes.
Proposals are currently being drawn up in accordance with government criteria and will be presented to councillors to agree later in the year.
The £2,762,500 fund was secured from the Shared Ownership and Affordable Homes Programme 2016-21 and assumes an average share of 50% purchased by the customer with the balance of 25% funding from the council and 25% from this Homes and Communities’ Agency’s (HCA) grant.
The council’s costs will be covered by the rent paid on the unsold share of purchases.
Cllr David Carr, leader of City of York Council with responsibility for Housing and Safer Neighbourhoods, said: “I’m delighted that our bid to this fund has been successful.
“It recognises that York is a city with high property values and high market rents and gives the council and our residents more choices in delivering affordable homes.
“We will now get on with ensuring the best outcome for this significant and welcome funding boost.”