PEAKS and Plains Housing Trust has committed to spending £20million on building new homes in the Cheshire East and the High Peak areas over the next three years.
The trust successfully bid for £3.8million from the government’s Homes and Communities Agency, to be spent on building 170 new homes.
This funding will be supplemented by £16.2million investment from Peaks and Plains, giving a total expenditure of over £20million before 2018.
In addition to this, the trusts is planning to purchases 80 homes from private developers over the same period, which will be offered at an affordable rent.
Nigel Bennett, assistant director of partnerships at Peaks and Plains, said: “With house prices and rental costs so high in this area, there is a desperate need for high quality, affordable housing for local people.
“We are delighted to have received the full amount of funding that we bid for, which will help us to provide at least 250 new homes by 2018.”