Community Secures £1.1m for Housing Project

A resident-led organisation in Derby has secured almost £1.1 million of government money to build much needed homes on their estate.  OSCAR (Osmaston Community Association of Residents) was formed by local residents in January 2011 to help regenerate their neighbourhood following the closure and demolition of several large factory sites formerly occupied by Rolls Royce. The announcement of the £1.08 million investment from the HCA signifies 12 months of hard work by the residents to provide new homes on the ‘Elton Road Quadrant’ site. The development will create 80 new properties for the area, including 40 affordable rented properties that will be owned by OSCAR. The project will be one of the largest community-led schemes in the country.  The scheme has been approved by Derby City Council's Cabinet so land will be transferred to OSCAR on a 125 year long lease at a peppercorn rent. There is also an option for OSCAR to purchase the freehold in 30 years' time, once they have repaid the council the additional low-cost loan to build the new homes.  Read more on the HCA website.