Construction work is taking place at a site on Midland Road and a £3.9million investment will see 29 new homes completed before the end of this year.
Medesham Homes is a Joint Venture partnership between equal partners Peterborough City Council and prominent local housing association, Cross Keys Homes.
Peterborough City Council Councillor John Holdich OBE, said: "This exciting joint venture shows that we are actively working with our partners to tackle homelessness in the city by helping to provide quality accommodation.
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"Medesham Homes was set up to provide accommodation to those most in need and will ensure that all tenants are well looked after.
"We currently have around 400 units of accommodation in the pipeline which we will work to deliver in the coming years, helping to meet high demand for properties in the city.”
Claire Higgins, Chief Executive of Cross Keys Homes and a Board Member of Medesham Homes, added: "Over the years, thousands of Peterborough residents have exercised their ‘right to buy’ which has gradually reduced the amount of affordable homes that are available to rent. With CKH's experience of managing affordable housing and the investment made possible by Right to Buy receipts, Medesham Homes will be able to help reintroduce essential, affordable options to a housing market where demand is currently far outstripping supply.
"Just minutes from the city centre and train station, the new homes on Midland Road will offer an affordable, practical option for people looking to live and work in Peterborough. We're looking for other sites around the city that will offer people the same chance to build their lives here."
