A COMPANY set up to build more than 400 affordable homes in South Tyneside says it has marked a successful first year in business.
South Tyneside Housing Ventures Trust Ltd – a not-for profit firm – was established last July to take the lead role in building desperately needed homes for rent or shared ownership on behalf of the council.
The company can access private finance and grant funding not otherwise available to the local authority.
Members of the borough’s cabinet will learn next week that its first 12 months in business has been successful in launching projects which will result in more than 100 new properties across the borough.
Schemes include the 55 homes in Saxon Way and West Way, Jarrow, work on which should be completed before the end of the year.
Twenty new two-bedroom bungalows have also been let at Simonside Park in South Shields, and 18 homes will be provided at the town’s Biddick Green, in conjunction with Persimmon Homes.
A further project centres on 18 three-bedroom homes at Trinity South, South Shields.
Meanwhile, a bid has been submitted to the government’s Homes and Communities Agency for funding to build 70 more homes across the borough from April next year.
All properties are managed by South Tyneside Homes – which looks after the borough’s social housing stock of about 18,000 properties – and allocated through the council’s allocations policy.
In a report to next week’s meeting, David Cramond, the council’s director for economic regeneration, says: “The trust will continue to work with the council, and partners, to explore more opportunities to deliver new affordable homes, and bring empty properties back into use across the borough.”
The cabinet is to meet at South Shields Town Hall from 4pm on Thursday.