Innovative new scheme to build homes in Mansfield

June 9, 2014 8:53 am

Up to 66 new affordable homes are set to be built in Mansfield under an innovative new scheme aimed at making it easier for people to buy their own homes.

Mansfield District Council will work in partnership with Quality Social Housing Management Ltd (QSH) to redevelop a four-acre site off Princes Street, Mansfield.  The Executive Mayor of Mansfield Tony Egginton took the decision on Tuesday 3 June, which is subject to approval by the Council on 17 June.

The new properties will provide both affordable and market housing for sale and rent. The rental properties will be managed by Mansfield District Council on behalf of QSH.  The new development will comprise Rent to Buy properties at affordable or market rents where 50% of tenants’ rent goes towards creating a deposit and credit history with the option to purchase. There will also be homes for rent, which will provide good quality rental properties for investors and housing providers.

Mansfield District Council plans to purchase up to 13 homes through its Housing Revenue Account when resources are available.  The Council will act as the managing agent for QSH in return for a management and maintenance fee, which covers operational costs over the term of the scheme. The agreed term is five years, which is extendable up to a total of 20 years.  This means the site will be developed more quickly than if the Council relied on the private market to deliver the scheme.

The Executive Mayor of Mansfield Tony Egginton said: “This is an exciting opportunity to provide much-needed low cost family homes to buy and to rent. The scheme will boost home ownership, creating a mix of housing and a more sustainable community.”

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