Cheshire East Council is investing £500,000 of its capital assets to encourage registered providers and developers to bring forward affordable housing.
The Housing Innovation Fund will be launched by Cheshire East in early October 2014.
Affordable housing creates balanced, sustainable communities while driving superior health and well-being for modest-income households. Moreover, it provides the vital impetus for economic activity and aspiration.
Affordability is an issue across Cheshire East. Residents are struggling to access the housing market. Average lower quartile house price, which is the usual access point for first time buyers, is £122,500.
Average lower quartile incomes are £18,559 which represents 6.6-times income levels in order to purchase a property.
Councillor Don Stockton, Cabinet member with responsibility for housing and jobs, said: “The provision of affordable housing is a priority for the Council. Incentivising the delivery of affordable housing schemes will bring forward much needed accommodation to support our jobs-led growth plans and provide sustainable vibrant communities.”
Developers and registered providers are invited to apply for a prospectus by emailing Vikki Jeffrey at Vikki.email@example.com the closing date for bids is the middle of November 2014 and announcements will be made in December 2014.