CARLTON & Co, based on the Aycliffe Business Park, in Newton Aycliffe, County Durham has submitted a bid to the Regional Growth Fund for a housing blueprint.

It has applied to the RGF for £10m to lever in £30m in private sector institutional investment with the aim of achieving a £100m portfolio within seven years.

The regeneration company is seeking the funding to support the construction of 400 high quality, low carbon affordable homes in the North-east.

This is supporting the Government’s housing policy of harnessing new forms of private institutional investment into affordable housing provision.

The funding would provide a boost to the region’s construction industry, creating more than 200 direct jobs and an additional 70 jobs within the supply chain.

A recent strategic housing market assessment carried out in Teesside identified a requirement for 936 affordable dwellings per year across four of the region’s boroughs.

Norman Peterson, director of Carlton & Co, said: “We are cautiously optimistic about our round 3 funding application bid. With the uncertain future prospects for public sector subsidy it is imperative that we gain support for private sector funding.

“Our application aligns closely with the region’s identified housing objectives and would provide significant economic benefits.”

The RGF is a £2.4bn fund operating across England from 2011 to 2015. It supports projects and programmes that attract private sector investment to create growth and employment.