The approval comes after a vigorous assessment by the Homes and Communities Agency of all housing PFI projects across the country, following the government announcement in November 2010 that the project would in principle continue to receive departmental support.
This announcement will allow the city to significantly bridge the gap in supply and demand, in the provision of high quality and affordable accommodation for people.
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Councillor Gwen Hassall, cabinet member for adults and neighbourhoods, said: "We are very pleased to have finally received the approval on the level of funding to enable the development of extra care housing, which is in real need in the city."
While providing social rent apartments for older people, the schemes will also offer a level of communal facilities for both residents and older people in the surrounding areas. This type of facility mirrors other schemes which have recently been developed in Stoke-on-Trent, such as Rowan Village and Westend Village, which both offer a shop, restaurant, communal lounge, and hairdresser.
The council will now start a two year process to appoint a preferred partner, inviting bidders for the contract to submit design and management solutions for the three extra care schemes within the city.
The preferred partner is due to be appointed during 2013, with the opening of the first scheme coming during 2014.
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