One of Birmingham’s most run down high rise housing estates is to be rebuilt with a £100 million loan.
The Lyndhurst council estate in Erdington, built in the late 1950s, is in urgent need of modernisation as its remaining tower blocks are crumbling.
Now government housing bosses have today approved a Private Finance Initiative (PFI) bid.
It will allow the city council to borrow cash for 291 new homes and the refurbishment of others, although the number has not yet been agreed.
The authority has already paved the way for redevelopment, by demolishing 290 properties, including two of the seven tower blocks. The remaining five towers will be renovated.
And there are plans for a further 275 homes to be demolished over the next two years. These will be replaced with new homes for sale and rent, a park, youth club, health centre and improved railway station.
Also set to benefit from the handout is the nearby Pitts Farm Estate.
Birmingham’s housing chief John Lines said: “This is a fantastic boost to the city. This area has long been recognised as a priority for the council.”
The Department for Communities and Local Government also announced a similar loan scheme for Stoke, allowing 1,045 homes to be built across the city’s six key suburban estates, and including 678 homes being developed for affordable rent.
And the scheme proposed for Shropshire, will provide 400 new “extra care” units, which are designed for older people.