New loans for affordable housing in Plymouth

You can now apply for an Affordable Housing Loan if you are a Registered Provider within the Plymouth Housing Development Partnership, Cooperative Housing Groups, or Community Land Trusts.

The new initiative was approved at the Full Council meeting on Monday 24 November 2014.

Councillor Chris Penberthy, Cabinet Member for Cooperatives, Housing and Community Safety, said: “The aim of the Affordable Housing Loans is to increase the number of new affordable homes to support Plymouth’s growth agenda and meet housing needs.

“The initiative is one of 16 in our Plan for Homes which aims to deliver 5,000 over the next five years.

“We recognise there is a shortage of affordable housing in the city and we are working hard to address this issue with local developers.”

Applications need to include the following:

Each proposal must clearly state the outputs (housing units) and be a named site in the City. This might also include sites which are on the City’s boundary.
Proposals must include a clear timescale of development with work starting on site by March 2019.
Proposals must meet the Council’s Planning and Housing policy requirements as a minimum – please see plymouth.gov.uk/planning for details.
Loans must only be used for enabling and/or delivery of residential schemes. This can be used for the purchase of land, buildings and funding the development of new homes.

For more information and an application form click here: http://www.plymouth.gov.uk/rds