Cabinet has tonight approved plans to create an Affordable Housing Access Fund, helping to address a key priority for residents.
The £2.2m fund has been established from Section 106 Planning Agreement contributions which will enable the delivery of affordable homes in the borough.
Through the development of the Affordable Housing Access Fund, two key priority areas have been identified to support the delivery of additional affordable housing in the borough:
A Private Rented Sector Rescue Scheme
Funding for registered housing providers to support the purchase of homes where a private landlord is exiting the market and the tenant is at risk of homelessness.
Eligible registered housing providers would purchase such properties at open market value and the fund would be used to bridge the gap between the market value and the value which occurs when the property is reclassified as social/affordable housing.
Support for Affordable Housing Developments
Funding for registered housing providers to support and address viability issues impacting on the development of new affordable housing, addressing identified needs whilst offering wider regeneration benefits in a locality.
The fund will be used to bring forward affordable housing developments in Knowsley to meet current needs including new build one and two bedroom properties, conversion of vacant space within existing council premises to deliver further accommodation.
The fund supports key priorities outlined in the Knowsley Housing Strategy 2022-27 to deliver additional affordable housing in the Borough as well as addressing a priority identified through The Knowsley Offer consultation, carried out last summer. Housing support currently available in the Borough can be found on The Knowsley Offer website.
Cllr Tony Brennan, Cabinet Member for Regeneration and Economic Development, said: “We know that a key priority for our communities is access to affordable homes. In Knowsley, demand for such homes exceeds supply.
“Last year, we convened a Housing Summit with housing providers to discuss how we could address this issue and bring forward affordable housing schemes. The establishment of the Affordable Housing Access Fund will enable us to work with housing providers to deliver more affordable homes in the borough.
“We continue to listen to our residents and are taking action to address one of their key priorities.”