Affordable homes set for £10m building programme
Millions of pounds are set to be invested in affordable housing in West Oxfordshire. This is the result of an agreement between West Oxfordshire District Council and Cottsway Housing which will see the District Council providing a £10 million loan facility to Cottsway.
It is estimated the cash would fund 16 shared ownership and 32 affordable rent properties. Cottsway already plans to invest £340m to deliver around 1,800 homes within the West Oxfordshire and Cheltenham areas over the next 10 years.
Cllr James Mills, Leader of the Council, said: “The provision of affordable housing in the District is one of our top priorities and this funding will make a real difference to many families and individuals who are struggling to get on the housing ladder.
“It could enable residents to continue to live and work within the District as well as allowing them to make a meaningful contribution to the local economy.”
The £10m allocation is the first tranche of funding for the scheme with Cottsway under the pilot initiative.
Richard Reynolds, Resources Director at Cottsway, which is based in Witney, said: “We work in one of the country’s most expensive areas for housing. So, to offer a positive future for individuals and families, we must be truly ambitious in finding solutions.
“We already house more than 10,000 people and support the wider community by adding social value and we’re determined to do more. That is why we are proud to be working with West Oxfordshire District Council to be providing much-need affordable housing through this funding scheme.”