Peel and Rowlinson's development of 164 apartments at Pomona Wharf has received a £10.3m loan

GM housing fund commits £66m

The first £66.3m of loans has been awarded from the £300m Greater Manchester housing fund, to six schemes in Manchester, Oldham, Salford and Trafford.

Together the schemes will deliver more than 1,000 new homes. While the majority are apartments, the fund is working with the Homes & Communities Agency to bring forward more schemes focussed on houses. There are around 550 houses still in the pipeline.

Greater Manchester Combined Authority approved the loan funding totalling £42.5m for the five new schemes at its latest meeting last week. A loan of £23.731m to LQ Developments, a subsidiary of Renaker, for 301 apartments and six townhouses was approved in July.

The latest developments to receive funding are:

  • Belgravia Living, Tariff Street, Manchester – £9.741m for 91 apartments
  • Roman Investments, Boundary Park, Oldham – £1.45m for 20 three-bed semi-detached homes
  • FICM, Trinity Way, Salford – £17.312m for 380 apartments
  • Rowlinson Developments and Peel, Pomona Wharf, Salford – £10.3m for 164 apartments
  • THT Developments, Woodfield Road, Trafford – £3.76m for nine townhouses and 32 apartments

The £300m Greater Manchester Housing Fund was created as part of the region’s devolution agenda.

Loan funding is fully recoverable and it is estimated that the money could be used 2.5 times over the fund’s life, delivering a total residential development value of £1.5bn.

Cllr Sue Derbyshire, chairman of GMCA’s housing and planning commission, said: “Ensuring that Greater Manchester’s housing supply meets its economic growth and the needs of the area’s people is fundamental to the region’s future.

“I am pleased that by providing loan funding for these schemes GMCA can play a crucial role in getting them started.”

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Why are they funding the Peel / Rowlinson scheme? Surely one of the main benefits of providing public subsidy for housing is so you can ensure design quality is high and thereby attract and encourage people to stay in an area. Subsidising poor schemes just to achieve numbers is a bad use of public funding.

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