WISBECH: Flats that fell victim to the credit crunch could now help town's housing waiting list
SIX one bedroom flats that fell victim to the credit crunch are to be snapped up by Fenland District Council and a housing society to ease the town s waiting list. Fenland Council is set to approve a £170,000 grant to Axiom Housing Association to buy the
SIX one bedroom flats that fell victim to the credit crunch are to be snapped up by Fenland District Council and a housing society to ease the town's waiting list.
Fenland Council is set to approve a £170,000 grant to Axiom Housing Association to buy the flats off Kindersley Road.
The council's executive director Paul Medd said the flats were built with the intention to be sold on the open market but remained unsold "in light of world economic pressures."
The flats will be used to house young people currently living in supported housing such as The Foyer who no longer need that level of support.
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Axiom has agreed to buy the flats and the council's contribution will enable them to become affordable rented homes to assist residents from supported housing back into independent living.
"The residents will still be able to receive support to ensure that they successfully sustain their tenancies," said Mr Medd.
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As they are "off the shelf" homes the Housing Corporation would not fund the homes as they did not meet their required space standards, said Mr Medd.
But both Axiom and Fenland agreed the flats are of "good quality and ideal to meet an identified housing need."
He said: "It is evidence of how the council can help influence the housing market to the benefit of both the community and also the wider construction industry during the current economic climate."
Mr Medd added that it also gave a boost to the local economy and demonstrated to agents and developers that affordable housing is an avenue to look at as a way of generating cash flow and selling units when the market is not functioning.
Cabinet is being asked to approve the deal on Thursday.