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News

£45Million Boost to Affordable Housing in Poole

Investment in affordable housing will more than quadruple in Poole over the next two years.

Following an announcement by the Housing Corporation, the Government body that funds affordable housing development, around £45million will be spent on delivering a mix of affordable housing in the town.

The funding includes £1.8m from the Borough of Poole and £15.3m from the Housing Corporation, representing a 400% increase in funding over 2 years. The remainder of the cost of the development will be met by Registered Social Landlords and contributions made by developers.

The investment will deliver 580 new affordable homes that will be provided by Housing Associations with over 57% of them available for rent. The remaining homes will be a variety of low cost home ownership where people can buy a share of a home and rent the balance until they are in a position to buy their home in full. Called "shared ownership" the scheme helps households with total incomes of about £25,000 a year to buy a new home. In addition some homes will also be available for key workers in the town.

Councillor Bill Wretham, Cabinet Portfolio Holder for Housing, said: "The people of Poole have told us that provision of affordable housing is one of their top priorities. We have been busy putting in place policies and plans over the last year so that we were well placed to bid with Housing Associations to win the exceptional level of investment from the Housing Corporation. We are committed to providing people with more choice in finding a home. We have changed the way homes are allocated and this major step in affordable housing covering a full range of rented and low cost ownership will allow many more Poole people the opportunity to live in a decent affordable home of their choice."

The Borough of Poole works closely with four housing associations to ensure high quality development and management of affordable housing in Poole. Swaythling Housing Society, Knightstone Housing Association, Western Challenge Housing Association and Raglan Housing Association will be delivering the majority of the new homes over the next few years. Many of the new homes will be developed in Town Centre sites as part of Full Sail Ahead - the Regeneration of Poole.

Simon Hendey, Head of Housing and Community Services, Borough of Poole, said: "This is a sea change in the level of affordable housing that has been developed in Poole. Over the next two years the level of investment will be over 400% higher than the previous year. We know that many families and young people have difficulty in finding a home they can afford in Poole, and the new affordable housing will provide a ladder of housing opportunities for households who want to rent or buy a home."

Simon Hendey, Head of Housing and Community, Borough of Poole, tel: 01202 633 440