Manchester City Council has announced plans for a new housing company, set to deliver 500 affordable homes a year.
Initial proposals for the council-owned housing development company were agreed in March, with a view to accelerate the number of multi-tenure, sustainable, high-quality homes for lower-income families.
In the ten-year period between 2015-2025, Manchester aimed to build 32,000 homes, with 6,400 (20%) being classed as ‘affordable housing’.
13,259 homes have been completed as part of this ambition since 2015, but forecasting suggests that the affordable housing target may not be met if action is not taken.
By introducing a local housing company, the Council can ensure a continued supply of affordable homes helping them to achieve their goals by 2025.
Details published today (June 1) outline that requirements of the company will be the delivery of at least 500 affordable homes per year, whilst maintaining a mix of affordable and market homes and giving the Council access to investment land and Right To Buy receipts.
The coming months will see a fully outlined report, with details of a delivery model, considered by the Council’s executive members.
Cllr Suzanne Richards, Manchester City Council’s executive member for housing and regeneration, said:
“Our affordable housing target is ambitious by design because we know that as our population continues to grow that we will need to match that growth with high-quality new homes that Manchester people can afford.
“It’s vital that we innovate and change the way we think about housing delivery to ensure we can meet demand and the needs of our residents.
“Bringing an element of affordable housing development in-house will help us meet the housing needs of Manchester people using our own land and with a clear focus on sustainable, low-cost, zero-carbon housing.”