The combined authority has been asked to approve £4m in loans for projects in Altrincham and Woodhouses, and invest £10m in social impact fund manager Resonance, which would go towards acquiring and refurbishing properties for people with learning difficulties.
Maya Property Developments’ Altrincham scheme involves the construction of eight homes on the site of the former Riley’s Snooker Centre on Bridgewater Road.
Designed by architect Ollier Smurthwaite and planned by consultancy Paul Butler Associates, the scheme was refused twice by Trafford Council before being scaled back and winning approval in December.
Maya Property’s initial proposals mooted a seven-storey block of 42 apartments. This was then reduced to a six-storey block containing 38 apartments, before the team pivoted to townhouses.
The professional team also includes Urban Green, Civic Engineers, and GIA.
The loan for the Woodhouses project, being delivered by The Sheridan Group, would fund the construction of a 17-home development at Diamond Hall Farm off Medlock Road in Failsworth.
The scheme is designed by Studio OL3 with Plan:8 Town Planning as planning consultant.
The developers are each seeking £2m from the Greater Manchester Housing Investment Loans Fund for their respective developments. The awards have been recommended for approval by the GMCA.
Meanwhile, Resonance has created two funds, the Impact Investment Property Fund and the Learning Disabilities Property Fund, for which it is seeking buy-in from the combined authority of £10m, equally split between the two.
The funds aim to provide homes for people with learning difficulties and those on the housing waiting list.
The MHILF has provided £462m in loans and £7m in equity investments since its launch in 2015, according to the authority. If agreed, the £10m for Resonance would more than double the total value of equity investments made to date.
In April the Greater Manchester Combined Authority approved a further £6m of funding across two developments, a 148-home scheme on Heath Farm Lane Partington and 12 apartments on Stephenson Street in Oldham.