A HOUSING project worth more than £160 million will see the development of more than 2,400 homes - some of which will be built in Dorset.

Magna will build 2,425 new affordable homes across Dorset and Somerset over the next five years.

It comes after Magna’s strategic delivery partnership with Curo and Swan Housing Association, which has been allocated a total of £160.4m of grant funding by Homes England to build 2,425 affordable homes across both counties.

The project will start with 300 new homes and will be supported with a significant boost from Homes England.

Paul Read, director of new supply and sustainability at Magna, said: “These new homes will be delivered through our innovative modular homes programme, and all 300 will be all-electric, net-zero ready from the outset.”

It is the second time Magna have secured funding through the partnership, and it means the housing association can continue to build affordable homes across the south west.

Additionally, the funding will also help drive investment in economies across Dorset and Somerset and create jobs and skills within the areas.

Building sustainable, modular homes will also support Magna’s sustainability ambitions, and help to reduce running costs and carbon emissions.

According to Magna, the project is part of a scheme to help address the housing crisis and create opportunities for more people to get a foot on the housing ladder through its shared ownership programme.

Magna said it provides a mix of social and affordable rent and low-cost shared ownership homes.

Selina White, chief executive at Magna, said: “We’re delighted to be part of this delivery partnership - it helps to accelerate our affordable house-building programme and achieve our vision of creating great homes together.

“We know how important it is for people to have a secure and safe place to live, and with this new funding we are able to provide another 300 new homes.”

In south west England, Curo works in partnership with housing associations Alliance Homes and Magna for the delivery of new affordable housing through their strategic partnership with Homes England.

Curo Chief Executive, Victor da Cunha, says: “I’m delighted that Curo and Swan have again been chosen as strategic partners of the government’s housing agency.

“Working with Swan as our joint Homes England strategic partner and our delivery partners in South West England, Alliance and Magna, has been very successful over the past few years and I’m sure it will continue to be a productive partnership in the future.”

Social rent homes are usually 50-60% of market prices, while affordable rent sits at about 80% of market rate. Many of the new homes funded by the strategic partnership grant will be available through the affordable homeownership schemes, helping more young people and families to get a foot on the housing ladder.

Magna own and manage nearly 9000 properties.