An opportunity to create more affordable housing in South Cambridgeshire was approved by the Cambridgeshire & Peterborough Combined Authority Board at their meeting yesterday.
The Board agreed to loan £5.78m from the £40m revolving fund for Affordable Housing to Linton Road (Great Abingdon) LLP to deliver the scheme.
Currently the planning permission includes 5 affordable properties. In line with the Mayoral Combined Authority’s commitment to ensuring maximum availability of affordable housing, Linton Road LLP will seek a variation of the planning permission that will increase the number of affordable properties to 8.
The revolving fund is a way for the Mayoral Combined Authority to sustainably support affordable housing schemes that would otherwise not pass the planning stages due to lack of initial funds. In addition to the initial funds and the interest received on repayment of the loan, a fixed share of the profit will also go back into the revolving fund, creating a self-sustaining financial resource that will continue to grow and support other affordable developments in the future.