The Didsbury-based housing association is partnering with developer Mulbury to build 46 homes in Gorton, backed by Government funding as part of the national Shared Ownership Affordable Housing Programme.
Southway Housing is planning the homes for a brownfield plot on Vine Street, next to a public park.
The development will deliver 46 out of a total of 260 homes which Southway Housing is planning, following its receipt of £7.3m from the Government’s £7bn Shared Ownership Affordable Housing Programme, aimed at supporting the construction of shared ownership homes.
The Vine Street project represents Southway’s first development to take place from the funding, and building work is due to begin on site in October. The first homes are expected to be released for sale in January 2018.
Karen Mitchell, chief executive of Southway Housing, said: “We are really proud to start offering a new route into home ownership for people who may not be able to afford to get on the property ladder in a difficult market. Due to funding shortages within the social housing sector, it is necessary for organisations like us to take a different approach in addressing the housing crisis.
“By entering into the shared ownership market, we can ensure there is a wider variety of affordable housing available, and also alleviate the funding gap, with any profits made being put back into our core area of affordable social homes.”
Shared ownership allows residents to buy a share in a new home, ranging from 25% to 75%, and pay a reduced rent on the remaining share.