The fund – which will bring together developer affordable housing contributions and other funding streams into a single pot – will help to subsidise homes that are affordable to rent or buy across the city.
The fund will be invested by the council to help deliver as much affordable housing as possible as a key part of the 2,500-plus homes being built every year to help meet the city’s housing demand.
As part of the renewed affordable housing plan, the council has earmarked four initial housing affordability zones where the council has significant land interest which can be used to help deliver affordable housing most quickly and efficiently.
The first zones will be in north Manchester, Clayton, Beswick and Wythenshawe town centre.
Other developments across the city have the potential to include homes that are affordable.
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For the purposes of the council’s affordable housing framework, affordable housing is defined as lower-cost market housing and homes for social rent, affordable rent, shared ownership, shared equity and rent to purchase.
“Manchester is a sought-after place to live and meeting the demand for all types of housing is essential,” said Cllr Bernard Priest, deputy leader of Manchester City Council.
“A key part of this is ensuring a choice of decent homes at prices which Manchester people at or below the average city wage can afford.
“We know this is a real concern for Mancunians.
“Our fund is an innovative response to this challenge and the proposed housing affordability zones will give us an opportunity to help create momentum.”
These proposals were discussed at the council’s executive last Wednesday (18th October).