The developer set to transform Farnworth town centre will borrow £12.5m of public funds to build nearly 100 homes - but none will be affordable. The loan which Capital&Centric requested for the Farnworth Green development has now been approved by the Greater Manchester Combined Authority (GMCA).
The plans for 85 apartments and 12 townhouses together with commercial units and a community hub on the site of the former Farnworth Market were approved last year and are a big part of Bolton council's vision for the town.
The scheme has already been awarded £12.7m in grants, including from the government's Future High Street Fund and the GMCA's Brownfield Housing Fund. However, the company will not be making any financial contributions towards affordable housing, education or health care in the areas as part of the scheme, nor will any of the homes built be classed as 'affordable' housing.
