The new apartments will be available to buy or rent once the building work finishes in November.
New apartments being built by Braintree District Council, as part of the Victoria Square development, will soon be sold and allocated as affordable homes.
Eastlight Community Homes entered into a contractual agreement to purchase 35 one, two and three bedroom apartments from the Council last week (11 March).
The initial planning agreement would have seen 12 homes offered for shared ownership and the remainder put up for private sale.
Eastlight’s investment, supported by a grant from Homes England, the government’s housing accelerator, means all of the apartments will be affordable. 12 will be available for social rent, with the remaining 23 available for shared ownership.
Shared ownership helps people who cannot afford to buy on the open market get on the property ladder. The homes allocated for social rent will help people who cannot afford to rent on the open market. Social rent homes are cheaper than other private or affordable options.
The apartments form part of Braintree District Council’s regeneration project which will also bring businesses, services and amenities into Braintree’s town centre.
Emma Palmer, Chief Executive at Eastlight Community Homes, said: “I’m pleased that this investment will help more people in our communities who are in need of an affordable home and support the regeneration of Braintree town centre. My thanks go to Homes England and everyone involved for making it possible. Our ambition is to build 3,800 new homes over five years for those who need them, including a significant number for social rent.”
Cllr Kevin Bowers, Cabinet Member for Homes at Braintree District Council, said: “Many people are finding it difficult to buy or rent homes at a price point they can afford on the open market. Affordable homes, not only offer first time buyers the chance to get on the property ladder, but also offer hard working families on lower than average incomes access to homes that they otherwise wouldn’t be able to afford.”
Cllr John McKee, Cabinet Member for Corporate Transformation at Braintree District Council, said: “We know that more and more towns are seeing the benefits of bringing residential homes into town centre locations. The increase in footfall will not only benefit local businesses, but it will also revitalise and enhance the vibrancy of our town.”
The new apartments will be available to buy or rent once the building work finishes in November.