Cottsway Housing has received the stamp of approval to set up a subsidiary that will allow it to work in partnership with the district council to provide more affordable homes in West Oxfordshire.
The Regulator of Social Housing (RSH) has approved Cottsway’s registration application, which means the green light for a revolving credit agreement with West Oxfordshire District Council.
The first tranche of funding will see £10 million allocated to Cottsway by the council.
Cottsway is using this first round of funding to provide 32 affordable rent and 16 shared ownership properties in the district. This includes 13 homes under construction in Tackley, near Woodstock, as part of a wider development by Deanfield Homes, known as Deanfield Grove.
Cottsway took handover of the first new homes at this site on Friday (30 August), with residents moving into four shared ownership properties. The remaining nine homes for affordable rent are due to be completed by the end of October.
The funding agreement boosts Cottsway’s already ambitious development programme, with plans to invest £340m to deliver around 1,800 extra affordable homes within the West Oxfordshire and Cheltenham areas over the next 10 years.
Richard Reynolds, Director of Resources at Cottsway, said: “We are committed to doing all that we can to provide more affordable homes to support people in housing need. To do this, we must be truly ambitious in finding solutions.
“This funding scheme with West Oxfordshire District Council provides one such solution and we are extremely proud to be working with the council in this way. We are delighted that the RSH has seen the merits of this by approving our registration and we look forward to seeing the first new residents moving into the first round of homes very soon.”
Cllr James Mills, Leader of the District Council, said: “We are extremely pleased to be working with Cottsway Housing as the district’s largest housing association to create further opportunities for affordable housing in West Oxfordshire.
“Providing affordable housing in the district is one of our top priorities and this funding will make a real difference to many families and individuals who are struggling to get on the housing ladder.”
Both Cottsway and the council will review the agreement and will continue to work together to decide how the agreement will progress in the future.