A £80m Private Finance Initiative (PFI) has been agreed for Woking Borough Council to deliver a mixed-tenure housing development.
The Kier and Thames Valley Housing consortium, known as Evolution, will deliver 371 new homes, 224 of which will be affordable.
David Bittleston, portfolio holder for housing for Woking Borough Council, said: ‘This is a hugely important housing project for the Borough. With so many local people on our Housing Register waiting for decent, affordable social housing, these new homes, when built, will help meet growing local demand.
‘By taking the Private Finance Initiative (PFI) route, the council is able to deliver a step-change in the provision of affordable housing within the Borough, while contributing significantly towards the requirements set out in the council’s Core Strategy.’
The first affordable homes are due for completion in early 2015.