Square One Homes has agreed a £235,000 loan with Cheshire & Warrington LEP from the Growing Places Fund to build 12 residential units at Kingfisher Square in Manchester Road.
The loan, at an interest rate of 8%, represents 32% of the total project cost and comes with a first charge over the development site.
Square One Homes will build a mix of one- and two-bed homes in a single phase.
The Growing Places Fund is worth £13m to Cheshire and Warrington.
Christine Gaskell, chairman of the Cheshire & Warrington LEP, said: "The Growing Places Fund provides essential enabling infrastructure and we are pleased to announce the allocation of funds to bring forward residential development opportunities and unlock stalled developments."
Louise Morrissey, chairman of Growing Places Fund for Cheshire and Warrington and land and planning director of Peel Holdings, said: "This type of project is what the Growing Places fund is for, making it quicker for projects to get off the ground but also securing a return on that investment for the local area. The total fund available from Government for Cheshire & Warrington was £13m. As we are awarding loans rather than grants we do have an investment fund at our disposal, and are open to further expressions of interest."
Mike Dowse, director of Square One Homes, said: "The scheme will offer homes for outright purchase from £65,950. The scheme will be marketed through Meller Braggins in Stockton Heath, and constructed by Whitfield & Brown."