CHANGES to how a housing redevelopment project in Finchampstead is funded will be considered at a meeting later this week.
On Thursday night, Wokingham Borough Council’s decision-making executive will discuss a report into Gorse Ride’s funding future.
It recommends that council makes a final decision for the project to be funded and retained through the Housing Revenue Account. This will be decided at a meeting on Thursday, March 24.
The Gorse Ride regeneration project aims to replace 178 properties with 249 new, energy efficient homes.
Of these, 136 will be social rented homes, 49 shared ownership and 64 private sale homes.
“Issues like Covid-19 and surging fuel bills are having a big impact on many of our residents,” said Cllr John Kaiser, executive member for housing and finance.
“We’re continuing to see an increase in the number of people struggling with making ends meet or, in some cases, at risk of homelessness. That’s why projects like the Gorse Ride Regeneration are so important and something we are committed to making happen.
“We want to make sure we have the affordable homes we need in the right locations, allowing those who wish to stay in the community to remain as well as welcoming new residents to the area.”
Cllr Kaiser said that the regeneration would also provide homes people with additional needs.
Reasons for changing the funding include less reliance on external grants for the project.
The council said that it would also allow access to wider pots of funding such as right to buy receipts and S106 commuted sums.This would help to reduce the impact that rising material costs have had on the project.
Cllr Kaiser added: “In reality, this decision makes no difference to those living or moving into the new homes in Gorse Ride and this is purely a back of house decision on how we fund the works.
“We’re still delivering the same fantastic homes as before and will continue to work closely with the community throughout this process.
“While national issues around the cost and availability of materials, along with the impact of Covid-19, are beginning to settle down, we want to make sure we have increased flexibility to access the funding we need for the regeneration, as well as benefitting from the increased market value of the private homes being built on site and the wider developer funding we have to use for affordable schemes just like this.”
The project was approved in December 2020. The majority of residents affected by the first phase have been rehoused, with many moving into Arnett Avenue.This was the first phase of the Gorse Ride Regeneration which completed last summer.
