£1.2m loan will kick off phase 2

FIRST phase... a mix of houses and flats are to follow

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GREATER Manchester's leaders have given the green light to more investment in new homes for Oldham.

Developers building on the former Star Inn site in Failsworth are set to receive a £1,228,165 loan from the Greater Manchester Housing Investment Fund. The money will go towards a second phase of development on the site, with the construction of 11 townhouses and four flats.

Several properties have already been built, in the first phase.

Councillor Richard Farnell, GMCA lead on planning and housing, said: "This investment will provide much-needed quality homes for Oldham residents and support local housebuilders.

"The Greater Manchester Housing Fund has provided us with the tools to kick-start new developments, with more than £125m already invested through loans which are repaid with interest, at no cost to the public purse."

The housing fund was established as part of Greater Manchester's devolution deal. It has already committed more than £100m in housing projects across Oldham, Trafford, Manchester, Bury and Salford. All loans approved are subject to due diligence.