High Peak Borough Council has launched a £400,000 grant scheme to build new affordable homes for older people.
The council has signed up to the government’s one for one replacement scheme following the introduction of Right to Buy legislation which enables council tenants to buy their homes at a discount rate if they have been tenants for five or more years.
Receipts from the sale of homes can be used by the Council to fund up to 30 per cent of the cost of building new homes to replace the ones that are sold to tenants.
The council is now seeking bids for funding from registered providers with priority given to those developments which provide accommodation for older people.
Councillor Juie McCabe, executive councillor for housing at the council, said: “I am pleased to announce the launch of this grant scheme which will support more investment in much-needed affordable housing in the High Peak. This scheme will prioritise investment in homes that meet the needs of our growing population of older people.”
The budget of £400,000 will continually replenish as properties continue to be sold. Applicants are required to submit a full development appraisal which will be independently assessed.