Family Housing is working in partnership with Lovell to develop the site at Bearwood Road, which is a mix of three and four-bedroom homes, and two-bedroom apartments. They will be available for rent, part ownership and intermediate market rent.
The £3 million development has been made possible with funding from the Homes and Communities Agency which has come through to Family via Lovell Plus Ltd - a special purpose vehicle set up to access the funding. The project has also received £250,000 of funding from housing market renewal pathfinder Urban Living.
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The funding model involves the HCA paying the grant to Lovell Plus Ltd, a company in which both Family and Lovell hold shares. Without the grant the scheme would not be financially viable.
Rob Ellis, Director of resources and investment at Family Housing, said: "We are pleased that this innovative funding model has allowed us to access support from HCA to carry out the Bearwood Road development.
"We are committed to developing high quality affordable housing in the west midlands and this site will provide a mix of tenures to offer people a foot on to the housing ladder in an area of high demand for housing."
The development is due to be completed by early 2012.
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