For the first time in the Housing Corporation's history, a social housing funding agreement has been signed between an Arms Length Management Organisation (ALMO) and the Corporation.

Stockport Homes has received £1.02 million from the Corporation to fund 17 new homes.

The news follows last year's announcement that ALMOs were for the first time able to bid for funds from the Corporation's £8.4 billion investment programme for 2008-11.

Work started on the Stockport scheme this month and is due for completion in November 2009.

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Housing Corporation Chief Executive, Steve Douglas, said: "This truly is an historical moment for the Corporation. The decision to add new players to the Corporation's investment programme means that we can deliver even more homes.

"Stockport Homes can help more people can get onto the property ladder, find a home to rent or one that offers the support they need. The challenge for Stockport is now to deliver."

Helen McHale, Stockport Homes Chief Executive said: "There is a shortage of affordable housing in Stockport, with over 9,000 people currently on Stockport's Housing Register. This shortage in affordable housing is exacerbated by high house prices in the Borough and only very small numbers of new affordable houses becoming available. Receiving this money will not only help people locally, but is a massive vote of confidence from the Housing Corporation."

(CD/KMcA)