Next Wednesday (7th March), the council’s executive will meet to debate the rent to purchase pilot and empty homes for first-time buyers schemes.
In October 2017, the executive agreed to establish a Housing Affordability Fund (HAF) that would bring together various funding streams – including s106 planning funding and other council funding – to subsidise affordable housing schemes in the city.
The council’s rent to purchase pilot scheme will build 48 new homes across six, small council-owned infill sites.
Eight of the properties will be rent to purchase, 20 will be available under shared ownership and 20 for outright sale.
Construction on the sites will begin in March 2018.
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Rowlinsons Construction will purchase the sites and build the homes, of which 28 – including the eight for rent to purchase – will be sold to housing provider Mosscare St Vincent's.
The council will also have an equity share in the rent to purchase properties, which will be recovered after sale.
An agreement has also been established with Adactus Housing Group to refurbish empty homes for first-time buyers or owner-occupiers.
Up to 30 homes have been identified so far and an initial investment of £2m could deliver 135 homes, if sales receipts are reinvested over several phases.
Cllr Bernard Priest, deputy leader of Manchester City Council, said: “To bypass the barriers that traditional housing models present, we have often needed to be creative and work with both the private and public sector to deliver accessible affordable homes at scale, which the council would not be able to achieve without these partnerships.”