The Council has now transferred nearly £2.5 million to Plymouth Community Homes to fund the infrastructure for a pioneering regeneration project.
The money, which is made up of £2.3 million in government funding and a further £250,000 from the Council, will go towards providing the facilities needed to build the fourth and final phase of the North Prospect Regeneration.
The Ministry for Housing, Communities and Local Government grant arrived last month while the Council’s contribution is funded by the Plan for Homes.
The work in North Prospect has been supported by the Council's Plan for Homes since the very beginning back in 2010 and has been successful in delivering over 1,100 homes for Plymouth people over the last ten years.
Tudor Evans OBE, Council Leader and ward councillor for Ham, signed the papers for the transfer on Wednesday
He said: "I am thrilled to be able to finally transfer this money to our friends and partners at Plymouth Community Homes.
“This has been a long saga but at last it is done, we are able to fund the project how we planned and transform North Prospect into an area that residents throughout the city can be proud of."
John Clark, PCH Chief Executive, said: “We’re delighted to finally receive this funding, which will see the continued development of the final phase of North Prospect and provide much-needed homes for Plymouth people. Thank you to everyone who has helped us secure this money.”
The regeneration of North Prospect is a project led by Plymouth Community Homes and supported by the Council.
Over the course of the project, old and decaying housing stock, often in a condition beyond economic repair, are being replaced with brand new, energy efficient homes for social/affordable rent, shared ownership and outright sale.
It has already seen more than 650 new homes completed alongside the Beacon, a new community hub housing shops, a new library, a Children’s Centre and 39 flats for older residents.
In addition, the park at Cookworthy Green has been enlarged and improved and now provides a quality and well managed green space, which is well used by local residents and their families.
Three previous phases are now complete and with one underway, the final phase will see the building of 56 new homes as well as the replacement of 140 existing properties.