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Growth Deal cash boost means more affordable homes delivered by partnership
21 April, 2021

Even more affordable homes will be provided in West Oxfordshire thanks to a funding boost from the Oxfordshire Housing and Growth Deal.

Last summer, West Oxfordshire District Council agreed with Heylo Housing that up to 34 shared ownership properties would be rolled out across the District using Section 106 receipts together with Government-backed Oxfordshire Housing and Growth Deal grant funds.

Now that figure has risen to 43 homes after the Growth Deal funding was extended from £850,000 to £1.44m.

With £361,875 coming from the Council’s Section 106 receipts generated by developers contributing to infrastructure and amenities, the total funding made available for the project is now more than £1.8m.

These homes will be in the shared ownership format and will be provided using Heylo’s model of working with developers to acquire discounted homes. The homes are to be provided on Crest Nicholson and Vistry developments in Witney and Minster Lovell.

Applicants agree to buy an initial share of a house. Rent is then paid on the remainder. More shares can be bought in the property until it is owned by the resident outright.

As the homeowner increases their level of ownership of the property, the funding is recycled to be made available for further investment in affordable housing.

Murry Burnett, Strategic Housing and Development Officer at West Oxfordshire District Council, said: “This extra funding means we can provide more affordable homes for residents through this innovative scheme.

“The provision of affordable homes is a key priority for the Council and we will continue to work with providers such as Heylo Housing to increase the availability of affordable housing in the District.”

Wayne Bennett, National Home Reach Director at Heylo Homes, added: “We believe this partnership is key to enabling local buyers to get onto the property ladder, with smaller deposits and household income requirements makes purchasing a property much more affordable.

“With a range of homes available at Witney and Minster Lovell, residents who may previously have been unable to buy the home they needed now have the opportunity to do so.”

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