This provision is part of the Greater Manchester Housing Fund, which has now reached £305m.

Subject to approval by Greater Manchester leaders, the fund will also provide:

• £1.5m to Wiggett Homes for 22 houses in Bury
• £43m to a special purpose vehicle of Urban & Civic for 351 apartments in central Manchester
• £3.9m to Hillcrest Homes for 24 houses in Stockport
• £1.8m to Blue Dog Property for 33 apartments on the site of the former police station in Baguley
• £22.5m to FICM for 380 apartments in Salford.

Since its creation, Greater Manchester leaders have planned to recycle the fund up to three times over 10 years.

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Cllr Richard Farnell, lead member for planning and housing at GMCA, said: “Reaching over £300m of housing investment represents a major milestone for Greater Manchester. 

“The Greater Manchester Housing Fund is a key part of our historic devolution deal and we are proud of the success we've had in supporting the creation of thousands of new homes across the city-region since 2014.

"The housing fund has allowed local leaders to kick-start construction and support developers in the creation of new, quality housing that our residents want and economy needs.

“I look forward to making the case for these new plans that could deliver more than 1,000 new homes for the people of Greater Manchester at this month's Combined Authority meeting."

Cllr Kieran Quinn, lead for investment and finance at GMCA, said: “Reaching this landmark level of investment is testament to the value of taking decisions locally for the benefit of local people.

“The combined authority has become a vital player in the commercial finance market.

“More and more developers and firms are looking to us to support their growth plans and Greater Manchester’s leaders are only too happy to assist in the creation of more homes, jobs and prosperity within our city-region.”