Over the coming 2 decades, to deliver 40,000 affordable homes, 15 housing associations have revealed they will be joining forces with the Cambridgeshire and Peterborough Combined Authority (CPCA).
Including £170 million worth of housing funds, the government has announced a devolution deal for the Cambridgeshire and Peterborough region in March 2017.
Comprising of both affordable and an assortment of incomes, the partnership between the housing associations (Homes for Cambridgeshire and Peterborough) and the combined authority are planning to build a varied tenancy of housing with the money.
Additionally, 2,000 affordable homes are anticipated to be built by Homes for Cambridgeshire and Peterborough by 2021.
The average house price in Cambridge approximately 17 times the average local salary, making it the third most expensive location to purchase a house in the region, per Home Truths 2017 East of England by the National Housing Federation.
Not enough homes were developed from 2011 to 2015, with Cambridgeshire lacking 2,000 homes and Peterborough missing 869.
In the region, 48,277 homes are presently owned and managed by Homes for Cambridgeshire and Peterborough.
The contract includes the alliance investing up to £6 of its own money for every £1 the combined authority invests.
The chair of Homes for Cambridgeshire and Peterborough, Alan Lewin has said:
“As the first devolved authority to be established with its own housing grant programme, this is a groundbreaking collaboration for Cambridgeshire and Peterborough. This region is unique amongst devolved areas due to its diverse mix of urban and rural communities, ranging from world-class high-tech business centres to small agricultural communities. The housing associations in Homes for Cambridgeshire and Peterborough will work together with the combined authority, local authorities, and Homes England to provide diverse quality homes, including housing let at affordable rents, mixed tenure, and outright sale. This will ensure that there are homes for people on a range of incomes, while also supporting sustainable growth in our urban and rural communities.”
The portfolio holder for new homes and communities at CPCA, Peter Topping, recognises that the region needs to grow its affordable housing, saying:
“Housing associations are a key partner in bringing affordable housing forward, so it’s great news that we now have this shared set of objectives to work from. I welcome the commitments made by Homes for Cambridgeshire and Peterborough in this statement and look forward to working with them to ensure we see some real results as quickly as possible.”
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