The group has been awarded funding from the Homes and Communities Agency (HCA) that will enable the development of 121 houses for Rent to Buy; and 74 specialist bungalows for affordable rent by 2021.
The Rent to Buy scheme aims to help people step on to the housing ladder by offering affordable homes at 80% of market rent, which will allow residents to save for a deposit at the same time.
Bill Fullen, Group Chief Executive, said: “This announcement marks the beginning of a fantastic development opportunity for the county, bringing much needed homes across 10 separate sites; as well as employment opportunities.
“And we are delighted to be able to add a new tenure to our housing offer through the Rent to Buy scheme, which will help ease the transition from the rental market to the housing ladder for our younger residents.”
Karen Anderson, Area Manager from the HCA, said: “I am really looking forward to the new homes starting to be built, as part of the government’s commitment to increasing housing supply and halting the decline in affordability; crucially improving housing choice for people in County Durham.”
The funding is part of the government’s Shared Ownership and Affordable Homes Programme (SOAHP), which highlights its commitment to extending home ownership and a shared society for everyone.
Photo above: Karen Anderson, Area Manager for the HCA, with believe housing’s Director of Assets and Regeneration, Ged Walsh.