Homes England has agreed a £7.45m loan from the government’s Home Building Fund for the development of 77 homes by Urban Splash and Places for People.
The loan will support the development with the first of 1,150 homes at Port Loop on the edge of Birmingham City Centre.
The longstanding venture of Urban Splash and Places for People has a pipeline of more than 3,000 homes and will deliver Phase 1 at Port Loop.
The first homes at Phase 1 have today been delivered to site.
Residents could soon be living in state-of-the-art new affordable homes after the first modular properties have been craned into place on a new city centre development.
The first phase of the Icknield Port Loop scheme, a half mile canal loop within walking distance of the City Centre, will provide a mix of 77 modular, factory-built and traditionally constructed homes on this large brownfield site.
The funding will support the partnership Homes England has formed with developers Urban Splash and Places for People to deliver regeneration and create a new community on this key site in Birmingham.
Both partners have extensive experience and a strong focus on building community and are part of the partnership involved in the masterplan for 1,150 new homes across the whole site, together with Birmingham City Council and the Canal and Rivers Trust.
Phase 1 of the development will include a new park, improved canal towpath and 77 homes built around shared gardens.
In addition to the 37 traditionally built properties, there will be 40 modular homes, which can be customised by customers.
Once constructed, the homes will be craned into place on site, minimising construction time on site and speeding up the build process.
The wider scheme is being coordinated by Urban Splash and Places for People, whose joint venture is working in partnership with the original landowners, Birmingham City Council and Canal and Rivers Trust.
Ian Martin, Head of Investment in the Midlands for Homes England, said: “The sheer scale of the scheme provides the opportunity to build a whole new community and will be one of the largest regeneration schemes in the Midlands.
“This will provide a much-needed boost to the region’s housing stock, which is exactly what the Home Building Fund was established to do.”
Adam Willetts, speaking on behalf of the partnership, said: “Port Loop is one of the most exciting regeneration developments in the country, and we are delighted to be delivering the first of many homes there.”