The £300m Greater Manchester Housing Fund is helping free up land, regenerate housing and build new homes. The fund has committed over £97m to build 1,184 units at 9 sites across Greater Manchester.
Developers can get a loan to kickstart housing projects that would otherwise be difficult to fund because of the caution in the residential finance market.
Loans are usually of £1m or more, but in some circumstances could be less than this for smaller organisations or projects. When the loans are paid back, the money can be reinvested to be lent out again for new projects.
To qualify for funding, an application must meet these conditions:
borrowers must be private sector entities
schemes must be supported by their local authority
loans must not exceed 60 per cent of development costs and 50 per cent of scheme value
loans must be repaid within four years from work starting.