New homes are to be built in the North East as Social housing provider Riverside has scooped more than £1.5m investment from the Homes and Communities Agency.
National group Riverside, which operates a base in Gateshead, will use the funding to build 74 new homes over the next three years.
The portfolio will comprise 48 homes for affordable rent, and 26 for shared ownership for first time buyers.
The new homes form part of the total housing allocation to Riverside of 664 houses across the UK.
Carol Matthews, Riverside’s chief executive, said: “We are delighted to receive this funding to build new homes in Yorkshire and the North East.
“I hope it’s the start of an upward trend in government funding to provide much needed new homes, both to stimulate the economy and the construction industry and to put an end to the housing shortage in the UK.”
Riverside’s allocation is part of a 62,000 homes government building programme, managed by the Homes and Communities Agency, under the first phase of a £23 billion programme to deliver 165,000 new affordable homes in three years, from 2015.
Nationally, Riverside manage some 50,000 homes, employ around 2,600 staff and turnover £257m.