Knowsley Council has unveiled its strategy for using £2.2m in funds collected from developers for affordable housing initiatives. The money was accumulated from housing companies constructing properties in the borough, where affordable housing options were limited or not included as part of the development plans under Section 106. In line with its objective of increasing the availability of affordable housing, the council has disclosed a report outlining its proposed utilization of these funds during a borough cabinet meeting on September 13.
The allocated sum will be divided into two components. £1m will be assigned to a “private sector rescue fund,” allowing social housing providers to acquire privately owned homes throughout the borough. This aims to counter the effects of “no fault eviction” situations when landlords sell their properties, thereby preventing homelessness for affected families. Around 20 homes are expected to be added to the affordable housing sector in Knowsley.
Additionally, £1.2m will be set aside to assist housing associations in developing new affordable housing schemes. Under this scheme, Knowsley Council will allocate the funds as grants to registered social housing providers based on the circumstances of each development. Furthermore, any future Section 106 funds received from developers as a substitute for affordable housing provisions will be added to this fund.
This initiative by Knowsley Council demonstrates its commitment to expanding the availability of affordable housing options in the borough. By providing financial support to social housing providers and addressing the issue of “no fault evictions,” the council aims to secure stable living conditions for vulnerable families. The project also encourages collaboration between the public and private sectors to meet the housing needs of the community.
(Source: Knowsley Council)
Replace the sentence: “The council had previously announced it was going to bring forward proposals for how to spend the money as part of a goal of increasing the amount of affordable housing available in the borough – with a report detailing those plans brought to a meeting of the borough’s cabinet yesterday, September 13.”