East Midlands-based housing association Futures Housing Group is working with Homes England to build 34 new homes at Banbury Lane in Northampton.
The £7.7m development will provide two-, three-, and four-bedroom homes available for shared ownership, Rent to Buy and Affordable Rent.
The area has a lack of affordable housing, and it is hoped that the new homes will give families the chance to get on the property ladder and stay in the local area.
Futures is partnering with Homes England, which will also support the scheme with a grant to enable it to remain affordable for potential homeowners and renters.
The land for the development was purchased from Homes England in March 2019.
Shared ownership homes offer buyers the chance to buy a share of the property, usually from 25%, with rent being paid on the remaining share.
Affordable rent properties are capped at 80% of the local market rent, meaning tenants can save for the future and possibly buy a home of their own. These properties will be open to people on the housing waiting list.
Futures, which owns more than 10,000 homes across the East Midlands, is looking to partner with home builders to help achieve its ambitions.
The housing association is keen to grow and is planning to build 700 homes over the next three years.
Anthony Holt, director of Development and Asset Maximisation at Futures, said: “We know there’s a need for affordable housing in the area, as many people struggle to buy or rent on the open market.
“These homes will give families the opportunity to stay in the area instead of having to move away because of a lack of properties they can afford.
“Shared ownership, Rent to Buy, and Affordable Rent homes give people realistic options for renting or buying their own homes and building a life in the area.”
Northampton Borough Council approved planning permission in January this year, with Jenkins Weir, Futures’ local construction partners, beginning work in March 2021.
The homes at Banbury Lane are projected to be completed by March 2022.
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