People looking to buy outright will also benefit. The scheme in Cassington Road, Yarnton, will see 138 affordable homes built over the next two years, by Cherwell District Council, Catalyst Housing Group and Berkeley Homes.
The homes will be 25% more energy efficient than those built to 2006 standards and be designed to need to use no more than 105 litres of water per person per day.
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Cherwell District Council's Portfolio Holder for Planning and Housing, Councillor Michael Gibbard, said: "This funding is great news. Difficult economic times call for new ways to provide affordable housing and I want to pay tribute to the work of Catalyst and Berkeley Homes in coming forward with this scheme. The council will work closely with them and the community as the scheme develops to ensure that it plays a full and positive role and benefits the lives of local people."
The scheme differs from other affordable housing developments in the district, placing an emphasis on helping people get onto the property ladder. The affordable housing units include properties for both shared ownership and social rent, as well as for sale.
(CD/JM)
