Plans for 280 new affordable homes in Peterborough and Stilton have received approval from the Cambridgeshire and Peterborough Combined Authority (CPCA). The CPCA accepted the £19.1 million proposals that aim to create 453 affordable homes across 13 sites. 271 of these homes will be located in Peterborough – at former British Sugar and Perkins Engines locations – and 10 in Stilton.
The funding is part of a £170 million investment from the Government that the CPCA received in 2017 as part of an initiative to create 2’500 new affordable homes in the area. £70 million of this is required to be spent on an estimated 500 homes in Cambridge before March 2022.
In order to minimise COVID-19’s impact on planned construction, the CPCA has offered interest free loans to housebuilders in order to stimulate affordable housing production. An additional £40 million from the original investment is also being used as a ‘revolving fund’. Developers can borrow from this allocation and, once the principal and interest is repaid, they can continue to borrow from this fund in order to enable construction commencement on the planned affordable housing projects.
Mayor Palmer, head of the CPCA, said: “Delivering on affordable housing is about more than putting a roof over people’s heads. Safe, secure housing is linked to economic mobility, health and emotional wellbeing, and family and financial security. In a year which has seen the construction industry set back by unprecedented challenges, it is nothing short of remarkable to be bringing forward over 450 new affordable homes for people right across the region and I want to thank everyone for their hard work in making this possible.”
The CPCA has also committed to building a further 100’000 homes, 40% of which will be affordable, by 2037.
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