Homes for Wells received £410,000 investment from the Homes and Communities Agency (HCA) towards the Polka Road development, along with gaining registered provider status.
North Norfolk is in great need of affordable homes, with second homes along the coast causing affordability difficulties. Homes for Wells was first established in 2006 to help tackle this issue, and the charity is aiming to increase its portfolio of property to rent to the local community.
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Nick Lockley, Area Manager for Norfolk at the HCA, said: "Polka Road is a great example of the HCA working closely with a local community group and working with internal teams to deliver affordable housing with a new provider.
"Community-led schemes will always require a tailored approach and in this case the community has come together with the HCA, the local Council and County Council, working hard to get things moving, raising finance locally to deliver from scratch. The building has real historic merit, so it is fantastic news that it will remain so and be put to productive use once more."
The redevelopment is due to be completed by December this year.
(CD/MH)
