Smethwick in affordable housing boost
Work has started on a £3m affordable housing development in Smethwick. Family Housing is working in partnership with Lovell to develop the site at Bearwood Road, which will have a mixture of three and four-bedroom houses and two-bedroom apartments.
The properties will be available for rent, part ownership and intermediate market rent.
The development has received funding from the Homes and Communities Agency (HCA) and £250,000 has come from Urban Living.
The funding model involves the HCA paying the grant to Lovell Plus, a company in which both Family and Lovell hold shares.
Rob Ellis, director of resources and investment at Family Housing, said: "We are pleased that this innovative funding model has allowed us to access support from HCA to carry out the Bearwood Road development.
"We are committed to developing high quality affordable housing in the west midlands and this site will provide a mix of tenures to offer people a foot on to the housing ladder in an area of high demand for housing."
David Gough, regional director for Lovell, added: "We have used this funding model several times, and we’re pleased that it has meant that the development has been able to go ahead with funding from the HCA.
"This model gives all partners benefits and works well to get much needed affordable housing developments off the ground."
