Greater Manchester approves £20m in housing loans

The Greater Manchester Housing Investment Fund is to provide more than £20m in loans to support the development of new housing across the combined authority area. Subject to due diligence, the funding could support the building of 155 homes in Sale, Hyde and Islington Wharf in Manchester city centre.

Cllr Richard Farnell, leader of Rochdale Council and Greater Manchester Combined Authority lead on planning and housing, said: “Investment in new housing is investment in Greater Manchester’s economy, providing much-needed quality housing for our residents and workers while supporting local housebuilders. “The Greater Manchester Housing Fund has provided us with the tools to kickstart new developments, with more than £100m now committed. We’re pleased to be able to support these three schemes, highlighting the importance of taking decisions locally for the benefit of local people.”

The set of loans comprises £10m to Waterside Places for 89 apartments and 12 townhouses at Islington Wharf; £6.9m to Azar Estates to build 24 houses on a site in Northenden Road, Sale; and £2.5m to Nook and Key for the redevelopment of St Stephen’s Church in Hyde into 16 apartments, with 14 houses alongside.