Thames Valley Housing has won an £80m housing contract from Woking council to provide more than 200 new affordable homes.
TVH has been selected as preferred bidder to provide 224 mainly two, three, and four-bedroom homes for affordable rent as part of Evolution, the consortium it formed with developers Kier.
The affordable homes will be delivered as a PFI worth £40.5m. Kier will also build 149 homes for private sale.
TVH will manage the homes over the 25-year PFI contract. The council will make an annual contribution, which will be added to by government funding, alongside investment from Evolution.
The combined funding is designed to allow the rented homes to remain at affordable rent levels after the 25 years.
TVH chief executive Geeta Nanda, said: “In the present economic climate, demand for housing far outstrips supply and the lack of bank finance has severely restricted housebuilders’ ability to bring forward new properties. This has contributed to a housing crisis of national proportions and now, more than ever, housing groups have a greater responsibility of finding ways to work with both the private and public sector to increase the supply.
“The provision of affordable housing has never been more important or necessary and our ability to deliver on projects of this kind has been a large factor in winning this significant contract.”
annabel.dixon@estatesgazette.com
