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October 17th 2007
Coast & Country Secures £2 million Grant to Build Affordable Homes
Coast & Country Housing has announced more good news for the housing market in Redcar and Cleveland.

Hot on the heels of launching two major regeneration schemes, totalling £33 million, at Westfield, Loftus and The Closes in Redcar, the company has now been allocated £2.1 million of Government funding to build 51 new homes across the borough. Thirty nine of them will be for rent and 12 for shared ownership.

They will be built in Eston, Marske and Guisborough and represent another significant step forward for the Company.

Chief Executive, Iain Sim, said “We are all delighted with the news which, as well as providing much needed homes in the area, also shows an increasing confidence in Coast & Country Housing by the Housing Corporation which has allocated the funding to us.”

Mr Sim added that the good news for Redcar and Cleveland comes just after the publication of a new report by the National Housing Federation highlighting the growing problem of a lack of affordable housing.

Councillor Lynn Pallister, Redcar & Cleveland Borough Council’s Cabinet Member for Housing, said: “This is positive news for the borough and will go some way towards meeting the housing needs already identified. The 12 units of shared ownership, proposed in Guisborough, will allow people on lower incomes to buy homes where, until now, prices were too high to make them affordable.”

Cllr Pallister added: “These homes will also assist in helping to improve areas by making the best use of developable land.”

Coast & Country Housing made six bids to the Housing Corporation for funding and was successful with three. However, the three remaining bids will be refined and re-submitted with a number of other schemes later this year.

The shared ownership homes will be marketed under the company’s new Times4 brand and will allow people access to the home ownership market by offering shares of 25%, 50% and 75% of the property to be bought.

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