More than a third of flats at a new £25m development will be made available at sub-market rates to help combat the 'spiralling' cost of renting property in Sheffield.
Sir Edward Lister, chairman of Homes England, will unveil the first part of the Dun Works Development at Kelham Island this afternoon.
The development is a partnership between South Yorkshire Housing Association and Cheyne Capital Management's Social Property Impact Fund and more than a third of the properties will be available to rent at 'sub-market level' to people earning less than £25,000 a year.
Miranda Plowden, business development director at South Yorkshire Housing Association, said: "We can’t wait to welcome our first tenants to Dun Works. We know that the cost of renting privately in Sheffield is spiralling out of control, and we hope that Dun Works can offer an alternative.
"As a housing association our main aim is to provide as many homes as we can in Sheffield City Region. Working with Cheyne has helped us to play a part in building the new homes we desperately need in the area.We hope this is the start of a long partnership with them.”
Shamez Alibhai, portfolio manager of the Cheyne Social Property Impact Fund, said: "This project is extremely exciting as it demonstrates that private capital working alongside a housing association can deliver high quality, affordable homes without the need for grant or subsidy.
"Our success in Kelham Island demonstrates how effective this kind of partnership can be in addressing the UK’s severe housing shortage. We are replicating this model across the UK to meet the need for more inclusive, affordable housing."