Orbit Homes has secured almost £13.5million funding to help support the delivery of over 600 new affordable homes across the Midlands.
The developer, part of the 39,000-home Orbit Group, accessed the funding through the Homes and Communities Agency (HCA) as part of the 2015-2018 Affordable Housing Programme.
Orbit Homes was awarded £11,940,500 to develop 526 homes, whilst a further £1,537,000 was secured through an agreement with contractors Westleigh Partnerships to fund an additional 106 homes; bringing the total funding investment to £13,477,500 for 632 new homes.
All due for completion by March 2018, the 632 new homes will be available through a mix of affordable rent and shared ownership.
The new Midlands developments will take Orbit one step closer to achieving its ambitious target of building 12,000 new homes by 2020; having already built over 3,400 homes in the last two years.
Chris Jones, development director for Orbit Homes, said: “Orbit Homes is delighted to have secured this funding to enable the build of more affordable homes for our customers in the Midlands. As the fourth largest developing housing association, we are committed to building the homes this country so desperately needs.
“We have built a strong partnership with the HCA over the last few years, and see this funding award as a demonstration of its continued confidence in our ability and commitment to delivering quality housing solutions across the country.”
In 2014 Orbit was granted £27,928,500 funding from the HCA for 1,755 homes, and a further £5,640,000 from Greater London Authority to create an additional 264 homes, both through the 2015-18 Affordable Housing Programme.