The Mayoral Combined Authority has today revealed it will be providing 296 additional affordable homes across Fenland, Peterborough and Huntingdon, taking the Authority over three quarters of the way towards delivering on its promise to build 2,000 new affordable homes by 2022.
The new affordable homes announced today, take the total up to 1,596 funded by the Combined Authority, meaning it is over 75% of the way towards fulfilling its ambition to create 2,000 new affordable homes by March 2022.
As part of its devolution deal in 2017, the Combined Authority negotiated £100m of government funding for affordable housing, with a commitment to fund 2,000 homes by 2022.
The new affordable homes which have been announced across five sites are:
The Combined Authority has been working with housing developers on a range of solutions including interest-free loans and joint ventures to encourage them to keep building affordable homes for Cambridgeshire and Peterborough.
Mayor James Palmer said:
“I am absolutely delighted that even in the most challenging of times, we can deliver hundreds of new affordable homes across Peterborough, Huntingdon and the Fens, which are so sorely needed.
“No doubt, the world has been changed by the Covid-19 virus but it hasn’t stopped turning, and we will continue to plan for the future in bringing forward thousands of affordable homes for residents over the coming years.
“I am absolutely committed to leading the economic recovery of Cambridgeshire and Peterborough. Making sure that people have homes they can afford is a fundamental cornerstone to our ambition to build back better.”
The Combined Authority looks for innovative ways to maximise the impact of the £100 million of resource it has been awarded by central government.
This includes using £40m as a groundbreaking ‘revolving’ fund, which grants loans to developers to enable affordable housing construction. The interest on these loans is then added to the fund, making it self-sustaining.