Hundreds of affordable homes in the pipeline

ALMOST 300 new affordable homes are to be built in Cornwall to alleviate the county’s housing crisis.

Housing charity Coastline Housing said the new homes will make a “huge difference to families and individuals” seeking to get onto the housing ladder or stay in their area rather than having to leave because they are being priced out.

Coastline Housing aims to build 270 homes over the next three years. The homes will be built in Penzance, Redruth, Connor Downs, Constantine, St Erth, Goonhavern and Falmouth.

The investment was made possible by £22.8 million of grant funding from Homes England. Following the allocation of the grant, Coastline signed up to a new government guaranteed loan agreement which saw the Cornish housing charity secure an additional £50 million.

Allister Young, chief executive of Coastline Housing, said: “In order to maximize what Coastline could build with the £22.8 million of grant funding we needed to secure some additional investment. We became part of a group of three housing associations nationally to borrow money through the Affordable Homes Guarantee Scheme, guaranteed by the government, securing an extra £50 million to be paid back over 30 years.

“All of this will enable us to build 270 new homes in Cornwall over the next three years, some for shared ownership, some for affordable rent and 154 for social rent. This is important because this is a low cost rent that is set by a government formula and is significantly lower than the rate someone would pay in the private market.” Work has already begun at some of these sites, including at St Erth.