Somerset Affordable Housing Deal Signed

A multi-million pound deal to provide 293 homes in Somerset for people who cannot afford to rent or buy on the open housing market has been signed. Magna Housing Association and Spectrum Housing Group have signed a deal which will start on site later this year with developer Barratt Homes.

This deal comes after £10million in funding was provided by the Homes and Communities Agency (HCA) as well as an investment of £889,000 from South Somerset District Council. The joint funding has enabled the new homes which will form part of an 820-home site off Lyde Road.

HCA director, Colin Molton, said: “It is a priority for the agency to ensure affordable homes are not delayed and that projects such as this continue as planned. “It is pleasing to be in a position to unlock this project so that it could move ahead. We will be looking to unlock other important projects such as this.”

South Somerset District Council’s housing spokesman, Cllr Ric Pallister, said: “This is a significant success for South Somerset achieved through a major initiative which has seen a private developer, housing associations, Government and the district council all working together to kick start our housing sector in a true partnership...This scheme will deliver desperately needed affordable housing exactly where it is most needed."