Developer borrows £12.5m of public funds for flats at former market

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 .

"The public and private sector must come together to get design-led projects off the ground at destinations where values are often lower and viability is a real barrier. We’re grateful for the continued support and collaboration from the public sector, with Farnworth backed by Bolton Council, the Government’s Future High Streets Fund and the Greater Manchester Combined Authority.

The latest loan for the scheme - which takes the total that will be borrowed from taxpayers' money to £15.5m - comes from the GM Housing Investment Loans Fund. Set up with government cash in 2015, the fund has offered developers £802m worth of loans for nearly 10,000 new homes so far.

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