A new report evaluating the Greater Manchester Housing Investment Loans Fund (GMHILF) has revealed that from the £983m committed, just 4.6% has been for affordable housing.
The report, published by the Greater Manchester Combined Authority (GMCA), revealed the fund provided cash to 48 developers for 74 projects between 2015 and 2024, with the total number of homes delivered, or expected to be delivered, standing at 10,974.
This includes £957m of GMHILF loans, alongside equity investments of £9.3m, with 84% of the developments complete. The GMCA also provided investments totalling £17m through partnerships with registered providers and social impact investors, bringing the total investment to £983m.
Of the new homes funded, just 679 were affordable (6%), comprising 503 (4.6%) homes funded directly by the GMHILF, and an additional 176 unfunded homes which form part of wider developments that “would not have gone ahead without the GMHILF financed scheme”.
The fund was launched in 2015 to help address the region’s housing demand by providing funding to private-sector developers. Greater Manchester had a target of delivering 10,000 homes between 2015 and 2025.
Significant schemes supported by the GMHILF include Renaker’s £1bn skyscraper masterplan, approved by Manchester City Council in August 2024.
GMHILF provided £224m in senior debt to support the Great Jackson Street plans, which will comprise 6,300 homes upon completion, with the tallest tower set to stand at 71 storeys. The tower will be around 100m shorter than the UK’s tallest building The Shard.
GMCA has been contacted for comment.
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