Market Leads & Opportunities
Executive approves £18m funding for residential project
Exeter City Council’s executive has unanimously approved £18m funding for a residential housing project.The council intends to use the funds to deliver 100 homes by summer 2022 across four sites in the city.The initiative follows the lifting of the cap on borrowing by local authorities’ Housing Revenue Account in October 2018. A proportion of the funding will come from Section 106 contributions from developers.One scheme of the four identified, worth £2.6m is currently underway, with a preferred contractor selected for two schemes worth a total of £6.2m. The fourth scheme is expected to cost £9.2m with the scheme yet to be tendered.
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