The cash will be used to bring forward the first phase of properties being delivered through the city council’s recently formed housing company This City.
Prudential borrowing totalling £33m will be used to deliver a 122-home mixed tenure development in Ancoats and Beswick Ward, a council spokesperson confirmed.
“This funding allocation will cover early design fees, provide an allowance indicative construction budget, and pre-planning costs,” the council said.
Mace is leading the design team for the Ancoats project.
The new homes in question would be a mix of apartments and townhouses. At least 37 of them would be let at an accessible rent, a sub-market rental tenure where homes are rented at or below local housing allowance levels.
A planning application for the project is expected to be submitted in June 2022.
This City’s second scheme is centred on a site in the Piccadilly ward. The council anticipates that the development would consist of 82 apartments.
This City will be formally launched early in 2022.